Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/28164 
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dc.contributor.authorClemens, Christianeen
dc.contributor.authorHeinemann, Maiken
dc.date.accessioned2007-04-25-
dc.date.accessioned2009-10-01T15:01:48Z-
dc.date.available2009-10-01T15:01:48Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aLeuphana Universität Lüneburg, Institut für Volkswirtschaftslehre |cLüneburgen
dc.relation.ispartofseries|aWorking Paper Series in Economics |x46en
dc.subject.jelC68en
dc.subject.jelD3en
dc.subject.jelD8en
dc.subject.jelD9en
dc.subject.jelG0en
dc.subject.jelJ24en
dc.subject.ddc330en
dc.subject.keywordDSGE modelen
dc.subject.keywordwealth distributionen
dc.subject.keywordoccupational choiceen
dc.subject.keywordcredit constraintsen
dc.subject.stwBerufswahlen
dc.subject.stwUnternehmeren
dc.subject.stwArbeitskräfteen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwSchocken
dc.subject.stwKreditmarkten
dc.subject.stwUnvollkommener Markten
dc.subject.stwInvestitionen
dc.subject.stwVermögensverteilungen
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwTheorieen
dc.titleCredit constraints, idiosyncratic risks, and wealth distribution in a heterogeneous agent model-
dc.type|aWorking Paperen
dc.identifier.ppn526643196en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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