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Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis

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Carlstrom, Charles T
Fuerst, Timothy S

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Abstract

This paper develops a computable general equilibrium model in which endogenous agency costs can potentially alter business-cycle dynamics. A principal conclusion is that the agency-cost model replicates the empirical fact that output growth displays positive autocorrelation at short horizons. This hump-shaped output behavior arises because households delay their investment decisions until agency costs are at their lowest--a point in time several periods after the initial shock. Copyright 1997 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 87 (1997)
Issue (Month): 5 (December)
Pages: 893-910
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Handle: RePEc:aea:aecrev:v:87:y:1997:i:5:p:893-910

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Neil G. Bennett & David E. Bloom & Cynthia K. Miller, 1993. "The Influence of Nonmarital Childbearing on the Formation of First Marriages," NBER Working Papers 4564, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. V. Joseph Hotz & Susan Williams McElroy & Seth G. Sanders, 1995. "The Costs and Consequences of Teenage Childbearing for Mothers," Working Papers 9501, Harris School of Public Policy Studies, University of Chicago. [Downloadable!]
  3. Elizabeth T. Powers, 1994. "The impact of AFDC on birth decisions and program participation," Working Paper 9408, Federal Reserve Bank of Cleveland. [Downloadable!]
  4. 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. [Downloadable!] (restricted)
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