Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/28164
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dc.contributor.authorClemens, Christianeen_US
dc.contributor.authorHeinemann, Maiken_US
dc.date.accessioned2007-04-25en_US
dc.date.accessioned2009-10-01T15:01:48Z-
dc.date.available2009-10-01T15:01:48Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/28164-
dc.description.abstractThis 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.en_US
dc.language.isoengen_US
dc.publisher|aLeuphana-Univ.|cLüneburgen_US
dc.relation.ispartofseries|aUniversity of Lüneburg working paper series in economics|x46en_US
dc.subject.jelC68en_US
dc.subject.jelD3en_US
dc.subject.jelD8en_US
dc.subject.jelD9en_US
dc.subject.jelG0en_US
dc.subject.jelJ24en_US
dc.subject.ddc330en_US
dc.subject.keywordDSGE modelen_US
dc.subject.keywordwealth distributionen_US
dc.subject.keywordoccupational choiceen_US
dc.subject.keywordcredit constraintsen_US
dc.subject.stwBerufswahlen_US
dc.subject.stwUnternehmeren_US
dc.subject.stwArbeitskräfteen_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwSchocken_US
dc.subject.stwKreditmarkten_US
dc.subject.stwUnvollkommener Markten_US
dc.subject.stwInvestitionen_US
dc.subject.stwVermögensverteilungen_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwTheorieen_US
dc.titleCredit constraints, idiosyncratic risks, and wealth distribution in a heterogeneous agent modelen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn526643196en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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