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| Tekijä: | Azariadis, C. Chakraborty, S. |
| Otsikko: | Agency costs in dynamic economic models |
| Lehti: | Economic Journal
1999 : APR, VOL. 109:455, p. 222-241 |
| Asiasana: | AGENCIES COSTS ECONOMETRIC MODELS |
| Kieli: | eng |
| Tiivistelmä: | The paper considers an overlapping generations economy where capital is produced from bank loans under stochastic constant returns to scale, and subject to idiosyncratic shocks whose realisations are costly to verify. The formulation differs from earlier work in permitting investment projects to be infinitely divisible and private agency costs to be convex. If there are external economies to financial intermediation, then deviations from steady-state output are negatively correlated with the spread between loan and deposit rates. |
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