Informational Imperfections in the Capital Market and Macro-Economic Fluctuations
作者： Joseph E. Stiglitz , Joseph E. Stiglitz , andrew murray weiss , Bruce C. N. Greenwald , Bruce C. N. Greenwald
DOI:
关键词: Economics 、 Capital employed 、 Financial capital 、 Physical capital 、 Capital deepening 、 Economic capital 、 Cost of capital 、 Microeconomics 、 Equity capital markets 、 Capital intensity
摘要: This paper describes the role that informational imperfections in capital markets are likely to play business cycles. It then developes a simple illustrative model of impact adverse selection equity market and way which this may lead large fluctuations effective cost response relatively small demand shocks.The also derives an expression for presence provides explanations several widely observed macro-economic phenomena.
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