Entrepreneurial finance, home equity, and monetary policy

Arbeitspapier

We model entrepreneurial finance using a combination of fiat money, traditional bank loans, and home equity loans. The banking sector is over-the-counter, where bargaining determines the pass-through from the nominal interest rate to the bank lending rate, characterizing the transmission channel of monetary policy. The results show that the strength of this channel depends on the combination of nominal and real assets used to finance investments, and thus declines in the extent to which housing is accepted as collateral. A calibration to the U.S. economy supports the theoretical results and provides novel insights on entrepreneurial finance between 2000 and 2016.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. 322

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Investment; Capital; Intangible Capital; Capacity ; Money and Interest Rates: General ; Monetary Policy ; Capital Budgeting; Fixed Investment and Inventory Studies; Capacity ; Housing Supply and Markets
• Thema: entrepreneurial finance ; money ; housing ; collateral ; monetary policy

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Jackson, Paul ; Madison, Florian
• Ereignis: Veröffentlichung
• (wer): University of Zurich, Department of Economics
• (wo): Zurich
• (wann): 2019

Weitere Informationen

• Handle: http://hdl.handle.net/10419/195167
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ