Heterogeneous producers facing common shocks: An overlapping-generations example

• 成果类型: Article
• 署名作者: Green, Edward J.
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2008.01.009
• 发表日期: 2009
• 页码: 2266-2276
• 关键词: Business cycle; Heterogeneous-agent model

摘要

An analytically tractable model of a competitive, full-information economy is provided in which, for some parameter values, entry and exit over the course of the business cycle is concentrated among small firms. This model is intended to make the logical point that the relatively high sensitivity of small firms to business-cycle fluctuations does not necessarily indicate the presence of informational or incentive constraints in financial markets. (C) 2008 Elsevier Inc. All rights reserved.