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Cited by 1,368

The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.

Intermediary Asset Pricing

He, Zhiguo, Krishnamurthy, Arvind·2013·American Economic Review
DOI 10.1257/aer.103.2.732
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Abstract

We model the dynamics of risk premia during crises in asset markets where the marginal investor is a financial intermediary. Intermediaries face an equity capital constraint. Risk premia rise when the constraint binds, reflecting the capital scarcity. The calibrated model matches the nonlinearity of risk premia during crises and the speed of reversion in risk premia from a crisis back to precrisis levels. We evaluate the effect of three government policies: reducing intermediaries borrowing costs, injecting equity capital, and purchasing distressed assets. Injecting equity capital is particularly effective because it alleviates the equity capital constraint that drives the model's crisis. (JEL E44, G12, G21, G23, G24)

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Metadata

Authors
He, Z., & Krishnamurthy, A.
Venue
American Economic Review
Publisher
American Economic Association
Published
2013-04-01
Volume
103
Issue
2
Pages
732-770
ISSN
0002-8282 (ISSN-L)
DOI
10.1257/aer.103.2.732
OpenAlex
W3124112311
Cited by
1,368
References
3
FWCI
193.18
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Intermediary Asset Pricing. https://app.cochat.ai/papers/10.1257/aer.103.2.732
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He, Z., & Krishnamurthy, A. (2013). Intermediary Asset Pricing. American Economic Review. https://doi.org/10.1257/aer.103.2.732

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.