| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8039 |
| DP8039 Labor-Market Heterogeneity, Aggregation, and the Lucas Critique | |
| Yongsung Chang; Frank Schorfheide | |
| 发表日期 | 2010-10-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper assesses biases in policy predictions due to the lack of invariance of ``structural'' parameters in representative-agent models. We simulate data under various fiscal policy regimes from a heterogeneous-agents economy with incomplete asset markets and indivisible labor supply. Imperfect aggregation manifests itself through preference shocks in the estimated representative-agent model. Preference and technology parameter estimates are not invariant with respect to policy changes. As a result, the bias in the representative-agent model's policy predictions is large compared to the length of predictive intervals that reflect parameter uncertainty. |
| 主题 | International Macroeconomics |
| 关键词 | Aggregation Fiscal policy Heterogeneous agents economy Lucas critique Representative agent model |
| URL | https://cepr.org/publications/dp8039 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536890 |
| 推荐引用方式 GB/T 7714 | Yongsung Chang,Frank Schorfheide. DP8039 Labor-Market Heterogeneity, Aggregation, and the Lucas Critique. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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