This paper establishes a dynamic stochastic general equilibrium (DSGE) model including secondary asset market and financial accelerator mechanism, to examine the short-term impact of money demand shock and capital liquidity shock on financial accelerator mechanism and then on the macro-economy,...

In this paper, we study an insurer’s optimal time-consistent strategies under the mean–variance criterion with state dependent risk aversion. It is assumed that the surplus process is approximated by a diffusion process. The insurer can purchase proportional reinsurance and invest in a...

Considering that the assumption of time consistency does not adequately reveal the mechanisms of exit decisions of venture capital (VC), this study proposes two kinds of time-inconsistent preferences (i.e., time-flow inconsistency and time-point inconsistency) to advance research in this field....