Happening @ Michigan https://events.umich.edu/group/3552/rss RSS Feed for Happening @ Michigan Events at the University of Michigan. Liquidity and Investment in General Equilibrium (April 3, 2024 11:30am) https://events.umich.edu/event/117989 117989-21840307@events.umich.edu Event Begins: Wednesday, April 3, 2024 11:30am
Location: Lorch Hall
Organized By: Michael Beauregard Seminar in Macroeconomics

This paper studies the implications of trading frictions in financial markets for firms’ investment and dividend choices, and their aggregate consequences. When equity shares trade in frictional asset markets, the firm’s problem is time-inconsistent, and it is as if it faces quasi-hyperbolic discounting. The transmission of trading frictions to the real economy crucially depends on the firms’ ability to commit. In a calibrated economy without commitment, larger trading frictions imply lower capital and production. In contrast, if firms can commit, trading frictions affect asset prices but have no aggregate effect on capital and production. Our findings rationalize several empirical regularities on liquidity and investment.

This talk is presented by the Macroeconomics Seminar, sponsored by the Department of Economics with generous gifts given through the Michael Beauregard Fund for Macroeconomics and the Economics Strategic Fund.

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Workshop / Seminar Tue, 26 Mar 2024 16:12:26 -0400 2024-04-03T11:30:00-04:00 2024-04-03T12:50:00-04:00 Lorch Hall Michael Beauregard Seminar in Macroeconomics Workshop / Seminar Liquidity and Investment in General Equilibrium
Michael Beauregard Seminar in Macroeconomics- April 17 (April 17, 2024 2:30pm) https://events.umich.edu/event/117992 117992-21840311@events.umich.edu Event Begins: Wednesday, April 17, 2024 2:30pm
Location: Lorch Hall
Organized By: Michael Beauregard Seminar in Macroeconomics

This talk is presented by the Macroeconomics Seminar, sponsored by the Department of Economics with generous gifts given through the Michael Beauregard Fund for Macroeconomics and the Economics Strategic Fund.

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Workshop / Seminar Wed, 28 Feb 2024 11:52:47 -0500 2024-04-17T14:30:00-04:00 2024-04-17T15:50:00-04:00 Lorch Hall Michael Beauregard Seminar in Macroeconomics Workshop / Seminar Michael Beauregard Seminar in Macroeconomics- April 17
Michael Beauregard Seminar in Macroeconomics- May 1 (May 1, 2024 2:30pm) https://events.umich.edu/event/117996 117996-21840333@events.umich.edu Event Begins: Wednesday, May 1, 2024 2:30pm
Location: Lorch Hall
Organized By: Michael Beauregard Seminar in Macroeconomics

This talk is presented by the Macroeconomics Seminar, sponsored by the Department of Economics with generous gifts given through the Michael Beauregard Fund for Macroeconomics and the Economics Strategic Fund.

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Workshop / Seminar Wed, 28 Feb 2024 11:53:14 -0500 2024-05-01T14:30:00-04:00 2024-05-01T15:50:00-04:00 Lorch Hall Michael Beauregard Seminar in Macroeconomics Workshop / Seminar Michael Beauregard Seminar in Macroeconomics- May 1