Agency costs and business cycles
Agency costs and business cycles
复制标题
代理成本和商业周期
DOI：
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发表时间：
1998
期刊：
影响因子：
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通讯作者：
Timothy S. Fuerst
中科院分区：
文献类型：
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作者：
Charles T. Carlstrom;Timothy S. Fuerst
概括。本文开发了一个具有内生代理成本的模型，该模型在其他方面与规范的实际商业周期模型非常相似。文献中的传统假设是这些代理成本产生于投资品的生产中。相比之下，本文假设这些成本都是在总产出的生产中产生的。本文探讨了投资与产出假设对经济周期动态的重要性，以及这些代理模型可以实现放大和/或持久性的条件。该论文有两个主要结论。首先，在放大和传播方面，产出模型的表现比投资模型差。出现这种情况是因为投资市场的可变扭曲比产出市场的可比扭曲具有更大的影响。其次，在这个企业家最优消费选择的模型中，放大与持续之间存在着明显的张力。
Summary. This paper develops a model with endogenous agency costs that is otherwise quite similar to the canonical real business cycle model. The traditional assumption in the literature is that these agency costs arise in the production of investment goods. In contrast, this paper assumes that these costs are all encompassing in the sense that they arise in the production of aggregate output. The paper explores both the importance of the investment vs. output assumption for business cycle dynamics, and the conditions under which these agency models can deliver amplification and/or persistence. The paper has two principal conclusions. First, in terms of amplification and propagation, the output model performs worse than does the investment model. This arises because a variable distortion in the investment market has more of an impact than a comparable distortion in the output market. Second, in this model with optimal consumption choice by entrepreneurs, there is a clear tension between amplification and persistence.