| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16667 |
| DP16667 On the Possibility of Krusell-Smith Equilibria | |
| Tobias Broer; Alexandre Kohlhas; Kurt Mitman; Kathrin Schlafmann | |
| 发表日期 | 2021-10-24 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Solutions to macroeconomic models with wealth inequality and aggregate shocks often rely on the assumption of limited but common information among households. We show that this assumption is inconsistent with rational information choice for plausible information costs. To do so, we embed information choice into the workhorse heterogeneous-agent model with aggregate risk (Krusell and Smith, 1998). First, we demonstrate that the benefits of acquiring more precise information about the state of the economy depend crucially on household wealth. Second, we show that such heterogeneous incentives to acquire information combine with the strategic substitutability of savings choices to imply that equilibria in which households acquire the same information do not exist for plausible information costs. Finally, we document that a representative-agent equilibrium may not exist even in the absence of exogenous sources of wealth heterogeneity. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Expectations Heterogeneity Information |
| URL | https://cepr.org/publications/dp16667 |
| 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/545606 |
| 推荐引用方式 GB/T 7714 | Tobias Broer,Alexandre Kohlhas,Kurt Mitman,et al. DP16667 On the Possibility of Krusell-Smith Equilibria. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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