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Entrepreneurship and Endogenous Volatility

Hernan Moscoso Boedo and Pablo D'Erasmo ()

No 901, 2011 Meeting Papers from Society for Economic Dynamics

Abstract: In this paper we document the relationship between idiosyncratic risk and non productive expenditures at the rm level from the Kauman Firm Survey. We then propose a model of entrepreneurial activity subject to nancial constraints where rms engage in borrowing to nance capital and wages, but also non productive expenses such as brand development, R&D, management consulting, marketing, etc. We allow for the non productive expenditures to aect the spread of the distribution from which shocks are drawn.

Date: 2011
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