Entrepreneurship, financial frictions and the welfare gains of business cycles

Detalhes bibliográficos
Autor(a) principal: Merlin, Giovanni Tondin
Data de Publicação: 2018
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/24629
Resumo: I propose a simple method to solve a heterogeneous agent model with entrepreneurship, financial frictions and aggregate uncertainty. Aggregate shocks, in this context, induce potential entrepreneurs to save in order to slack their financial constraints, leading to a significant increase in aggregate savings, pushing up wages and lowering interest rates. This channel can be strong enough to more than offset the effect of fluctuations on consumption, leading to welfare gains of business cycles.
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spelling Merlin, Giovanni TondinEscolas::EESP2018-08-28T14:07:11Z2018-08-28T14:07:11Z2018-08TD 484http://hdl.handle.net/10438/24629I propose a simple method to solve a heterogeneous agent model with entrepreneurship, financial frictions and aggregate uncertainty. Aggregate shocks, in this context, induce potential entrepreneurs to save in order to slack their financial constraints, leading to a significant increase in aggregate savings, pushing up wages and lowering interest rates. This channel can be strong enough to more than offset the effect of fluctuations on consumption, leading to welfare gains of business cycles.engEESP - Textos para Discussão; TD 484Heterogeneous agentsEntrepreneurshipFinancial frictionsBusiness cyclesAggregate uncertaintyEconomiaEmpreendedorismoCiclos econômicosIncertezaEntrepreneurship, financial frictions and the welfare gains of business cyclesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTTD 484 Giovanni_Merlin.pdf.txtTD 484 Giovanni_Merlin.pdf.txtExtracted texttext/plain67398https://repositorio.fgv.br/bitstreams/8e2d5ffd-b6a5-4c0a-ba23-98dd35746207/download726ba44d47356e71615b8e48fba45750MD55ORIGINALTD 484 Giovanni_Merlin.pdfTD 484 Giovanni_Merlin.pdfTD 484 - Giovanni Tondin 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dc.title.eng.fl_str_mv Entrepreneurship, financial frictions and the welfare gains of business cycles
title Entrepreneurship, financial frictions and the welfare gains of business cycles
spellingShingle Entrepreneurship, financial frictions and the welfare gains of business cycles
Merlin, Giovanni Tondin
Heterogeneous agents
Entrepreneurship
Financial frictions
Business cycles
Aggregate uncertainty
Economia
Empreendedorismo
Ciclos econômicos
Incerteza
title_short Entrepreneurship, financial frictions and the welfare gains of business cycles
title_full Entrepreneurship, financial frictions and the welfare gains of business cycles
title_fullStr Entrepreneurship, financial frictions and the welfare gains of business cycles
title_full_unstemmed Entrepreneurship, financial frictions and the welfare gains of business cycles
title_sort Entrepreneurship, financial frictions and the welfare gains of business cycles
author Merlin, Giovanni Tondin
author_facet Merlin, Giovanni Tondin
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.author.fl_str_mv Merlin, Giovanni Tondin
dc.subject.eng.fl_str_mv Heterogeneous agents
Entrepreneurship
Financial frictions
Business cycles
Aggregate uncertainty
topic Heterogeneous agents
Entrepreneurship
Financial frictions
Business cycles
Aggregate uncertainty
Economia
Empreendedorismo
Ciclos econômicos
Incerteza
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Empreendedorismo
Ciclos econômicos
Incerteza
description I propose a simple method to solve a heterogeneous agent model with entrepreneurship, financial frictions and aggregate uncertainty. Aggregate shocks, in this context, induce potential entrepreneurs to save in order to slack their financial constraints, leading to a significant increase in aggregate savings, pushing up wages and lowering interest rates. This channel can be strong enough to more than offset the effect of fluctuations on consumption, leading to welfare gains of business cycles.
publishDate 2018
dc.date.accessioned.fl_str_mv 2018-08-28T14:07:11Z
dc.date.available.fl_str_mv 2018-08-28T14:07:11Z
dc.date.issued.fl_str_mv 2018-08
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/24629
dc.identifier.sici.none.fl_str_mv TD 484
identifier_str_mv TD 484
url http://hdl.handle.net/10438/24629
dc.language.iso.fl_str_mv eng
language eng
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dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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