Uninsured Idiosyncratic Production Risk with Borrowing Constraints
Uninsured Idiosyncratic Production Risk with Borrowing Constraints
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具有借款限制的未投保特殊生产风险
DOI：
10.2139/ssrn.697302
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Francisco Covas
中科院分区：
文献类型：
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作者：
Francisco Covas
作者分析了一个异质代理经济的一般均衡模型，其中代理人受到借贷约束和不可保险的特殊生产风险。特别是，他解决了这些摩擦对企业家投资的影响，并说明了生产风险和预防性储蓄之间的权衡所面临的企业家。与其他研究相反，作者的研究结果表明，当企业家的收入分散性差，生产风险主要影响生产的总产出时，由于强烈的预防性储蓄动机，模型经济中企业家部门的资本积累不足不太可能持续。此外，企业投资的这些摩擦的存在加剧了Bewley模型中所报告的企业经济部门资本的过度积累，劳动力收入风险不可保。
The author analyzes a general-equilibrium model of a heterogeneous agents economy in which the agents are subject to borrowing constraints and uninsurable idiosyncratic production risk. In particular, he addresses the impact of these frictions on entrepreneurial investment and illustrates the trade-off between production risk and precautionary savings faced by the entrepreneur. In contrast to other studies, the author's results suggest that, when entrepreneurs' earnings are poorly diversified and production risk mainly affects the total output produced, the underaccumulation of capital in the entrepreneurial sector of the model economy is less likely to hold, because of a strong precautionary savings motive. Furthermore, the presence of these frictions on entrepreneurial investment exacerbates the overaccumulation of capital in the corporate sector of the economy that is reported in Bewley models with uninsurable labour income risk.