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Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis

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  • Charles T. Carlstrom
  • Timothy S. Fuerst

Abstract

An analysis of the quantitative effects of agency costs in a real business cycle model, showing that these costs can explain why output growth displays positive autocorrelation at short horizons.

Suggested Citation

  • Charles T. Carlstrom & Timothy S. Fuerst, 1996. "Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis," Working Papers (Old Series) 9602, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcwp:9602
    DOI: 10.26509/frbc-wp-199602
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    References listed on IDEAS

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    1. Neil Bennett & David Bloom & Cynthia Miller, 1995. "The influence of nonmarital childbearing on the formation of first marriages," Demography, Springer;Population Association of America (PAA), vol. 32(1), pages 47-62, February.
    2. An, Chong-Bum & Haveman, Robert & Wolfe, Barbara, 1993. "Teen Out-of-Wedlock Births and Welfare Receipt: The Role of Childhood Events and Economic Circumstances," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 195-208, May.
    3. Elizabeth T. Powers, 1994. "The impact of AFDC on birth decisions and program participation," Working Papers (Old Series) 9408, Federal Reserve Bank of Cleveland.
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    Keywords

    Business cycles; Investments;

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