NPV，discount rate.The initial属于什么档次 outlay on machinery。The residual value of the machinery.

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Chapter 21Capital Budgeting and Cost Analysis：第21capital预算和成本分析
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Chapter 21Capital Budgeting and Cost Analysis：第2
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财务管理cch16
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关注微信公众号The Role of Bank Capital and The Transmission Mechanism of Monetary Policy
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This paper is a theoretical study of the transmission mechanism of monetary policy in the presence of an endogenous role of bank capital. The basic framework is a standard Dynamic New Keynesian model with price stickiness modified so as firms as well as banks face endogenous financial frictions in obtaining external funds from their respective debtors. This implies that an external financial premium exists, thereby motivating the endogenous role of entrepreneurial net worth and bank capital in the model. In the terminology of Van den Heuvel (2001), the model exhibits the unconventional ‘bank capital ’ channel of monetary policy. The simulation result highlights a financial accelerator e .ect in that endogenous evolution of bank capital, together with that of entrepreneurial net worth, operate to amplify and propagate the e .ect of a monetary shock in the macroeconomy.Do you want to read the rest of this article?Request full-text
ArticleFull-text availableSep 2013ArticleNov 2011ArticleFull-text availableSep 2011ArticleArticleFull-text availableJan 2006ArticleJul 2008ArticleJun 2012ArticleJanuary 2009 · This article proposes to insert a bank capital channel (BCC) in the theoretical framework proposed by Bernanke et al. (1999) (BGG), in order 1) to evaluate the mean features of the BCC and 2) to assess the benefits of a countercyclical prudential measure. In a costly state verification framework, banks are charged a financing premium on their external funds which depends on the structure of... [Show full abstract]ArticleJanuary 2003Meltzer (2001b) argues that the current trend for downgrading the role of money in standard macro models is erroneous as it masks those monetary transmission channels which operate through changes in relative yields of assets. This paper shows that the scope of these changes can be empirically segregated into (i) the changes in relative prices along the term structure (term-structure effect)... [Show full abstract]ThesisJanuary 2004This thesis studies the interactions between financial markets, monetary policy, and the real economy. It analyses the role of financial markets in business cycle fluctuations and explores issues concerning systemic financial stability. Chapter One develops a dynamic general equilibrium model in which firms and banks face financial frictions in obtaining external funds. The model exhibits an... [Show full abstract]ArticleFebruary 1998We study a credit market with adverse selection and moral hazard where sufficient sorting is impossible. The crucial novel feature is the competition between lenders in their choice of contracts offered. Qualities of investment projects are not observable by banks and investment decisions of entrepreneurs are not contractible, but output conditional on investment is. We explain the empirically... [Show full abstract]

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