Agency Costs in Dynamic Economic Models
构建了一个世代交叠经济模型，研究银行贷款生产资本时的代理成本，发现金融中介的外部经济会导致产出偏离稳态与存贷利差负相关，资本存量对应关系呈集合值，可解释贫困陷阱、增长周期等。
We consider an overlapping generations economy where capital is produced from bank loans under stochastic constant returns to scale, and subject to idiosyncratic shocks whose realisations are costly to verify. Our formulation differs from earlier work in permitting investment projects to be infinitely divisible and private agency costs to be convex. If there are external economies to financial intermediation, then deviations from steady‐state output are negatively correlated with the spread between loan and deposit rates. Moreover, the capital stock correspondence is set‐valued, a result consistent with poverty traps, growth cycles, and hump‐shaped impulse response functions.