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Creator: Marcet, Albert and Marimon, Ramon, 1953- Series: Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics) Number: 074 Abstract: We study the effect on the growth of an economy of alternative financing opportunities in a stochastic growth model with incentive constraints. Efficient accumulation mechanisms are designed and computed for economies that differ in their incentive structure. We show that when borrowing is subject to information constraints, there is a computable efficient transfer mechanism that does not affect capital accumulation and investment patterns, even though consumption patterns and the distribution of wealth are affected. In contrast, enforcement constraints can severely reduce the outside financing opportunities and affect investment patterns and economic growth. We adapt numerical algorithms for obtaining numerical solutions of these models.
Subject (JEL): O41 - One, Two, and Multisector Growth Models and G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill -
Creator: Sargent, Thomas J. and Wallace, Neil Series: Quarterly review (Federal Reserve Bank of Minneapolis. Research Department) Number: Vol. 5, No. 3 -
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Creator: Rolnick, Arthur J., 1944- Series: Quarterly review (Federal Reserve Bank of Minneapolis. Research Department) Number: Vol. 25, No. 2 -
Creator: Stern, Gary H. Series: Quarterly review (Federal Reserve Bank of Minneapolis. Research Department) Number: Vol. 11, No. 1 -
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Series: Monthly review (Federal Reserve Bank of Minneapolis. Research Department) Number: vol.8 no.39 Description: Includes special articles: "Bank Earnings Continue to Expand", "Individuals Hold Third of Demand Deposits", and "Cost of Living Controlled by Price Ceilings"
Also includes titles: "Cash Farm Income Lags; Crop Outlook Bright", "Civilian Output and Stocks Face Reduction", and "Shifts in Deposit Liabilities Not Unusual"
Subject (JEL): Y10 - Data: Tables and Charts, N52 - Economic History: Agriculture, Natural Resources, Environment, and Extractive Industries: U.S.; Canada: 1913-, N22 - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-, and R10 - General Regional Economics (includes Regional Data)