Endogenous Business Cycles in a Perpetual Youth Model with Financial Market Imperfections
Endogenous Business Cycles in a Perpetual Youth Model with Financial Market Imperfections
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金融市场不完善的永葆青春模型中的内生经济周期
DOI：
10.1111/ijet.12233
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发表时间：
2019
影响因子：
0.5
通讯作者：
Kazuo Nishimura
中科院分区：
文献类型：
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作者：
Takuma Kunieda;Kazuo Nishimura
运用动态一般均衡理论研究了企业家和金融家通过不完全金融市场相互作用的经济。在每个时期，每个企业家的生命终结都有一定的概率，一定数量的企业家是新诞生的。虽然企业家是潜在的资本生产者，但他们在每个时期都会受到特殊的生产力冲击。因此，生产率较高的企业家成为资本生产者，而生产率较低的企业家成为贷款人。金融家没有资本生产的企业家才能，因此他们在金融市场上出借资产以获得利息收入。在均衡中，确定性的内生经济周期可以发生在金融约束的中间水平。
An economy in which entrepreneurs and financiers interact with each other through an imperfect financial market is investigated by applying a dynamic general equilibrium theory. In each period, there is a certain probability of each entrepreneur's life ending, and a certain number of entrepreneurs are newly born. Although entrepreneurs are potential capital producers, they receive an idiosyncratic productivity shock in each period. Therefore, entrepreneurs who draw higher productivity become capital producers and those who draw lower productivity become lenders. Financiers do not have an entrepreneurial talent for capital production, and thus they lend their assets in the financial market to acquire an interest income. In equilibrium, deterministic endogenous business cycles can occur at the intermediate level of financial constraints.