Quantitative Macroeconomics with Heterogeneous Households
نویسندگان
چکیده
منابع مشابه
Quantitative Macroeconomics with Heterogeneous Households*
Macroeconomics is evolving from the study of aggregate dynamics to the study of the dynamics of the entire equilibrium distribution of allocations across individual economic actors. This article reviews the quantitative macroeconomic literature that focuses on household heterogeneity, with a special emphasis on the “standard” incomplete-markets model. We organize the vast literature according t...
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Macroeconomics is evolving from the study of aggregate dynamics to the study of the dynamics of the entire equilibrium distribution of allocations across individual economic actors. This article reviews the quantitative macroeconomic literature that focuses on household heterogeneity, with a special emphasis on the “standard” incomplete markets model. We organize the vast literature according t...
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I examine a model where agents differ in their discount factors. It has long been known that in the long-run, the most patient household or individual ends up owning all the capital, provided there is a maximum sustainable stock. I show that this is no longer true when there is sustained growth. I examine a model where there is endogenous growth due to learning-by-doing, the “Arrow-Romer” model...
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This paper develops a decomposition algorithm by which a market economy with many households may be solved through the computation of equilibria for a sequence of representative agent economies. The paper examines local and global convergence properties of the sequential recalibration (SR) algorithm. SR is then demonstrated to efficiently solve AuerbachKotlikoff OLG models with a large number o...
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ژورنال
عنوان ژورنال: Annual Review of Economics
سال: 2009
ISSN: 1941-1383,1941-1391
DOI: 10.1146/annurev.economics.050708.142922