We are interested in the macroeconomic implications of the separation of ownership andcontrol. An alternative decentralized interpretation of the stochastic growth model isproposed, one where shareholders hire a self-interested manager who is in charge of thefirm's hiring and investment...

On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...