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A Contribution to Three Debates in Macroeconomics and Finance.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	A Contribution to Three Debates in Macroeconomics and Finance./
作者:	Staraci, Garence.
面頁冊數:	1 online resource (212 pages)
附註:	Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.
Contained By:	Dissertation Abstracts International79-12A(E).
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9780438194892

A Contribution to Three Debates in Macroeconomics and Finance.
Staraci, Garence.

A Contribution to Three Debates in Macroeconomics and Finance. - 1 online resource (212 pages)

Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.

Thesis (Ph.D.)--Yale University, 2018.

Includes bibliographical references

This thesis comprises three independent essays that contribute to current debates in both macroeconomics and finance.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780438194892Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

A Contribution to Three Debates in Macroeconomics and Finance.
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100 1 $a Staraci, Garence. $3 1193552
245 1 2 $a A Contribution to Three Debates in Macroeconomics and Finance.
264 0 $c 2018
300 $a 1 online resource (212 pages)
336 $a text $b txt $2 rdacontent
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500 $a Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.
500 $a Adviser: Nicholas C. Barberis.
502 $a Thesis (Ph.D.)--Yale University, 2018.
504 $a Includes bibliographical references
520 $a This thesis comprises three independent essays that contribute to current debates in both macroeconomics and finance.
520 $a Chapter 1 proposes a solution to the post-crisis Eurozone "missing inflation" puzzle, that is, an explanation for the chronically low inflation that occurred despite a strengthening macroeconomic recovery. The solution demonstrates that following an initially subdued period of inflation, economic agents started to forecast inflation by extrapolating past inflation developments as opposed to utilizing a purely forward-looking model. The solution shows that such a shift in forecasting aggravated the decline of actual inflation through a self-fulfilling, deflationary spiral, jointly involving actual and expected inflations. This chapter also provides evidence that the inflation inertia created by the backward-looking nature of the extrapolative expectations counteracted the reflationary impact created by the accommodative monetary policy within the Eurozone economy.
520 $a Chapter 2 studies the long-lasting collapse in the funding ratios of U.S. private defined benefit pension plans and proposes that the rationale for this collapse was the presence of short-termism within the asset allocation decisions of those plans. To support this claim, this chapter first documents an inverse U-shaped relationship between a plans allocation to fixed income securities and its funding ratio, centered on a 80% funding ratio. It is shown that this relationship emerges from loss-averse preferences of the plans investment committee, and that these preferences encompass both risk-shifting and risk-management behaviors. Assimilating these loss-averse preferences with short-termism, it observed that plans without such preferences achieve a significant improvement in their funding ratios over the long-run.
520 $a Finally. Chapter 3 provides evidence of a creditor-friendly shift in the practice of Chapter 11 of the U.S. Bankruptcy Code, and subsequently argues that any shift in the practice of the bankruptcy code can impact the design of syndicated loan contracts. As such, this chapter proposes a new determinant of covenant strictness in syndicated loan contracts: the degree of creditor friendliness of Chapter 11 bankruptcy practices. This new channel dictates that the more debtor(creditor)-friendly the bankruptcy practice is, the more creditors will seek to increase (decrease) their level of loan monitoring outside of bankruptcy through an adjustment, in covenant strictness. Borrowers would agree on stricter covenants in exchange for a lower loan spread, and vice-versa. Using both covenant tightness and covenant intensity as proxies for covenant strictness, this chapter illustrates that the legal channel not only impacts covenant strictness but also ultimately accounts for a significant fraction of the total cost of credit.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Yale University. $3 1178968
773 0 $t Dissertation Abstracts International $g 79-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10927919 $z click for full text (PQDT)