Contractual Structure and Wealth Accumulation
نویسندگان
چکیده
منابع مشابه
Contractual Structure and Wealth Accumulation
This paper examines whether historical wealth distributions can affect long run output and distribution despite rational saving behavior and the absence of any technological nonconvexities or externalities. We consider a model of equilibrium short period financial contracts, where poor agents face credit constraints owing to moral hazard and limited liability, and principals and agents are rand...
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Research on wealth inequality and accumulation and the data upon which it relies have expanded substantially in the twenty-first century. While the field has experienced rapid growth, conceptual and methodological challenges remain. We begin by discussing two major unresolved methodological concerns facing wealth research: how to address challenges to causal inference posed by wealth's cumulati...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2002
ISSN: 0002-8282
DOI: 10.1257/00028280260344489