商业周期和生命周期[文献翻译]

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1、本科毕业设计（论文）外文翻译题目企业不同生命周期阶段财务策略研究——以雅戈尔公司为例专业财务管理一、外文原文原文：TheBusinessCycleandtheLifeCycleIntheremainderofthepaperwefocusonthenatureoffluctuationsbyage.Theobviouswaytoincorporatethistypeofheterogeneityintothemodelistomovefromtheinfinitelylivedagentframeworktotheoverlappinggenerations’framework.The

2、goalwillbetoretainthebasicstructureoftheinfinitelylivedhouseholdmodelasmuchaspossible,whileintroducinglife-cycleconsiderations.Tomaintainsimplicity,someoftheseconsiderationswillbecapturedinsomewhatofareducedfrommanner-forexample,ratherthanexplicitlymodelingfertility,wewillsimplyassumepreferencep

3、arameterschangesystematicallyalongthelife-cycle.1．ModelIneachperiodarepresentativeT-periodlivedhouseholdisborn.Weabstractfrompopulationgrowthandassumethatlengthoflifeisdeterministic,althoughonecouldextendthingsonthesedimensionsatsomecostintermofsimplicity.Inourquantitativeanalysisweinterpretaper

4、iodtobeayearandsetT=55,andthinkofahouseholdbeginningeconomicdecisionmakingatage20andcontinuinguntil75.Weimposeexogenousthatagentsretireatage.Agentshavepreferencesoverlifetimeprofilesofconsumptionandwork.Foragenericvariableswewillusetodenotethevalueofsforanagentofageainperiodt,andweuselower(upper

5、)casetatterstorepresentchoicesattheindividual(aggregate)level.Hence,foranagentborninperiodtpreferencesaregivenbywhereismarketconsumption,ishouseholdconsumption,ismarketwork,andishomeworkatagea,whilearelife-cyclepreferenceshifters.Wemakethesameassumptionregardingfunctionalformsasearlier.Inparticu

6、lar,theperiodutilityfunctionisoftheformEachhouseholdisendowedwithoneunitoftimeineachperiodoflife,whichcanagainbeallocatedamongthreeuses:workinginthemarket,workingathome,andleisure.Asinthepreviousmodel,agentsderivenoutilityfromgovernmentconsumption.Animportantempiricalregularityisthatwagesexhibit

7、significantchangesoverthelife-cycle.Weincorporatethisfeaturebyassumingthattheefficiencyunitscorrespondingtoagivenamountoftimespentinmarketworkatageayieldefficiencyunitsofmarketlaborinput.Analogously,wecouldassumethateachunit