Agency costs, net worth, and business fluctuations: A
构建了一个可计算一般均衡模型，其中内生代理成本会改变商业周期动态。模型复制了产出增长在短期呈现正自相关的经验事实，因为家庭会等到代理成本最低时才投资。
This paper develops a computable general equilibrium model in which endogenous agency costs can potentially alter business-cycle dynamics. A principal conclusion is that the agency-cost model replicates the empirical fact that output growth displays positive autocorrelation at short horizons. This hump-shaped output behavior arises because households delay their investment decisions until agency costs are at their lowest--a point in time several periods after the initial shock. Copyright 1997 by American Economic Association.