Entrepreneurial wealth accumulation in equilibrium: collateral constraints
AbstractThis paper explores equilibrium theory of wealth accumulation and wealth inequality when entrepreneurs have collateral constraints and are subject to idiosyncratic productivity shocks. The model is an extension of Kiyotaki-Moore's setting to incorporate shocks and, at the same time, is a version of the precautionary-savings models due to Bewley, Aiyagari, and others (since entrepreneurs are risk-averse). The model is used to address questions about the determinants of inequality and aggregate productivity, both with an without exogenous technical change, and about aggregate savings policy influences these variables
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 691.
Date of creation: 03 Dec 2006
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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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entrepreneurs; capital accumulation; collateral constraints;
Find related papers by JEL classification:
- E0 - Macroeconomics and Monetary Economics - - General
- D30 - Microeconomics - - Distribution - - - General
- D9 - Microeconomics - - Intertemporal Choice
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