| Title | "Credit Horizons" (joint work with John Moore and Shengxing Zhang) |
|---|---|
| Date | 2021年8月12日（木） August 12, 10:25-12:10 |
| Venue |
オンラインでの開催となります。 事前登録が必要になりますので、主催のマクロワークショップのページより説明をお読みの上、お申し込みください。 Online seminar on Zoom (registration in advance required): as for the registration, please see the webpage of Macroworkshop |
| Speaker | 清滝信宏（Nobuhiro Kiyotaki, Princeton University and CREPE) |
| Abstract | Entrepreneurs appear to raise funds largely against their near-term revenues, even when their investment has a longer horizon. To explain why, we develop a model of credit horizons in which human capital of entrepreneurs-cum-engineers is essential for constructing and then maintaining production facilities. Yet, their human capital is inalienable. We use our framework to examine how credit horizons interact with plant dynamics and the evolution of productivity. Finally, we show that a permanent fall in the interest rate in small open economy can lead to a temporary boom followed by a slower growth in the long run. |
| Information | 英語での発表となります（Presentation in English） 主催：Macroworkshop |