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Entrepreneurial wealth accumulation in equilibrium: collateral constraints

Author

Listed:
  • Irasema Alonso

    () (Economics Yale University)

Abstract

This 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

Suggested Citation

  • Irasema Alonso, 2006. "Entrepreneurial wealth accumulation in equilibrium: collateral constraints," 2006 Meeting Papers 691, Society for Economic Dynamics.
  • Handle: RePEc:red:sed006:691
    as

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    More about this item

    Keywords

    entrepreneurs; capital accumulation; collateral constraints;

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • D30 - Microeconomics - - Distribution - - - General
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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