| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w5792
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| 来源ID | Working Paper 5792
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| Understanding Equilibrium Models with a Small and a Large Number of Agents |
| Wouter J. Den Haan
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| 发表日期 | 1996-10-01
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| 出版年 | 1996
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| 语种 | 英语
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| 摘要 | In this paper, I compare a two-agent asset pricing model with the corresponding model with a continuum of agents. In a two-agent economy, interest rates respond to because each agent represents half of the population. These interest rate effects facilitate consumption smoothing. An agent in a two-agent economy, however, can never lend more than the other agent is allowed to borrow, which prevents him from building a buffer stock of assets. For most parameter values, the first effect is more important. For some parameter values, the interest rate effects in the two-agent economy are so strong that a relaxation of the borrowing constraint reduces an agent's utility. In contrast to these differences, I find that for most parameter values there are no large differences in average interest rates across the two types of economies. In addition, I analyze the business cycle behavior of interest rates in an incomplete markets economy with a continuum of agents. The dynamic response of interest rates to aggregate shocks is a lot more complicated than the response in a complete markets economy and the magnitude of the response is bigger. |
| 主题 | Macroeconomics
; Consumption and Investment
; Money and Interest Rates
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| URL | https://www.nber.org/papers/w5792
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563281
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推荐引用方式
GB/T 7714 |
Wouter J. Den Haan. Understanding Equilibrium Models with a Small and a Large Number of Agents. 1996.
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文件名：
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w5792.pdf
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格式：
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Adobe PDF
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