というNBER論文を清滝=ムーアらが上げている(ungated版)。論文の原題は「Credit Horizons」で、著者はNobuhiro Kiyotaki(プリンストン大)、John Moore(エジンバラ大)、Shengxing Zhang(LSE)。 以下はその要旨。 Entrepreneurs appear to borrow largely against their near-term revenues, even when their investment has a longer horizon. In this paper, we develop a model of credit horizons. A question of particular concern to us is whether persistently low interest rates can