This paper examines the connection between time preference heterogeneity and economic
inequality in a deterministic environment. Specifically, we extend the standard neoclassical …

We study the problem of an investor that buys an equity stake in an entrepreneurial venture,
under the assumption that the former cannot monitor the latter's operations. The dynamics …

En el presente artículo se desarrolla un marco conceptual para el estudio de la interacción
entre el desarrollo financiero y los distintos tipos de capital social. Nuestra hipótesis de …

In linear macroeconomic models, an active Taylor rule for monetary policy can guarantee a
locally unique nonexplosive equilibrium. In a series of articles, Benhabib, Schmitt-Grohé …

Judd et al.(J Finance 63: 2203–2217, 2003) show that the stationary Lucas tree model
cannot generate nontrivial asset trading: Heterogenous agents will optimally choose a fixed …

Private information may limit insurance possibilities when two agents get together to pool
idiosyncratic risk. However, if there is capital accumulation, bilateral insurance possibilities …

We study the roles private information and capital accumulation play in the structure of
partnerships. Partnerships are ventures formed with capital contributions from two members …

In this study, we prove that the strategic interaction among agents differing in initial wealth
levels leads the poor to be able to catch up with the rich, which is not the case for the …

We first study growth and risk sharing in a stochastic growth model with preference shocks
and two risk-averse agents. In periods in which one of the agents needs extra consumption …

Abstract The first chapter,“Long-Term Finance and Investment with Frictional Asset Markets”,
develops a theory of investment and maturity choices and studies its implications for the …