MARC Record from Scriblio

LEADER: 02295nam 22003137a 4500
001 2004616747
003 DLC
005 20041116132630.0
007 cr |||||||||||
008 041116s2003 mnu sb f000 0 eng
010 $a 2004616747
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aCagetti, Marco.
245 10 $aEntrepreneurship, frictions, and wealth$h[electronic resource] /$cMarco Cagetti and Mariacristina De Nardi.
260 $a[Minneapolis, Minn.] :$bFederal Reserve Bank of Minneapolis,$c[2003]
490 1 $aFederal Reserve Bank of Minneapolis, Research Department staff report ;$v322
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 11/16/2004.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Although the role of financial constraints on entrepreneurial choices has received considerable attention, the effects of these constraints on aggregate capital accumulation and wealth inequality are less known. Entrepreneurship is an important determinant of capital accumulation and wealth concentration and, conversely, the distribution of wealth affects entrepreneurial choices in the presence of borrowing constraints. We construct a model that matches wealth inequality very well, for both entrepreneurs and non-entrepreneurs, and find that more restrictive borrowing constraints generate less wealth concentration, but also reduce average firm size, aggregate capital, and the fraction of entrepreneurs. We also find that voluntary bequests are an important channel that allows some high-ability workers to establish or enlarge an entrepreneurial activity: with accidental bequests only, there would be fewer large firms, fewer entrepreneurs, and less aggregate capital, but also less wealth concentration"--Federal Reserve Bank of Minneapolis web site.
650 0 $aEntrepreneurship$xEconometric models.
650 0 $aWealth$xEconometric models.
650 0 $aSaving and investment$xEconometric models.
700 1 $aDe Nardi, Mariacristina.
830 0 $aStaff report (Federal Reserve Bank of Minneapolis. Research Dept. : Online) ;$v322.
856 40 $uhttp://woodrow.mpls.frb.fed.us/research/sr/sr322.html