Skip to:
  1. Main navigation
  2. Main content
  3. Footer
Working Paper

Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis

Download pdf
An analysis of the quantitative effects of agency costs in a real business cycle model, showing that these costs can explain why output growth displays positive autocorrelation at short horizons.
05.01.1996ISSN 2573-7953 WP 96-02DOI 10.26509/frbc-wp-199602

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.

Suggested Citation

Carlstrom, Charles T., and Timothy S. Fuerst. 1996. “Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis.” Federal Reserve Bank of Cleveland, Working Paper No. 96-02. https://doi.org/10.26509/frbc-wp-199602