PubData Leuphana Repository: Credit Constraints, Idiosyncratic Risks, and Wealth Distribution in a Heterogeneous Agent Model

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Element	Wert
Ressourcentyp	Arbeitspapier
Titel	Credit Constraints, Idiosyncratic Risks, and Wealth Distribution in a Heterogeneous Agent Model
DOI	10.48548/pubdata-1239
Handle	20.500.14123/1302
Autor*in	Clemens, Christiane Heinemann, Maik
Abstract	This paper examines the effects of credit market imperfections and idiosyncratic risks on occupational choice, capital accumulation, as well as on the income and wealth distribution in a two sector heterogeneous agent general equilibrium model. Workers and firm owners are subject to idiosyncratic shocks. Entrepreneurship is the riskier occupation. Compared to an economy with perfect capital markets, we find for the case of serially correlated shocks that more individuals choose the entrepreneurial profession in the presence of credit constraints, and that the fluctuation between occupations increases too. Workers and entrepreneurs with high individual productivity tend to remain in their present occupation, whereas low productivity individuals are more likely to switch between professions. Interestingly, these results reverse if we assume iid shocks, thus indicating that the nature of the underlying shocks plays an important role for the general equilibrium effects. In general, the likelihood of entrepreneurship increases with individual wealth.
Sprache	Englisch
Schlagwörter	Wealth Distribution; Occupational Choice; Credit; Einkommensverteilung; Kredit; Berufswahl; Kreditmarkt
DDC	330 :: Wirtschaft
Jahr der Veröffentlichung in PubData	2007
Art der Veröffentlichung	Erstveröffentlichung
Publikationsversion	Veröffentlichte Version
Datum der Erstveröffentlichung	2007-04-02
Entstehungskontext	Forschung
Fakultät / Abteilung	Frühere Fachbereiche
Titel der Reihe / Nummer des Reihenbeitrags	Working paper series in economics 46
Alternative(r) Identifier	urn:nbn:de:gbv:luen4-opus4-4680
Verfügbar ab / seit	2024-08-23T07:46:29Z
Archivierende Einrichtung	Medien- und Informationszentrum (Leuphana Universität Lüneburg 02w2y2t16)
Veröffentlicht durch	Medien- und Informationszentrum, Leuphana Universität Lüneburg