| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w13260
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| 来源ID | Working Paper 13260
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| Incomplete Markets, Heterogeneity and Macroeconomic Dynamics |
| Bruce Preston; Mauro Roca
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| 发表日期 | 2007-07-12
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| 出版年 | 2007
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| 语种 | 英语
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| 摘要 | This paper solves a real business cycle model with heterogeneous agents and uninsurable income risk using perturbation methods. A second order accurate characterization of agent's optimal decision rules is given, which renders the implications of aggregation for macroeconomic dynamics transparent. The role of cross-sectional holdings of capital in determining equilibrium dynamics can be directly assessed. Analysis discloses that an individual's optimal saving decisions are almost linear in their own capital stock giving rise to permanent income consumption behavior. This provides an explanation for the approximate aggregation properties of this model documented by Krusell and Smith (1998): the distribution of capital does not affect aggregate dynamics. While the variance-covariance properties of endogenous variables are almost entirely determined by first order dynamics, the second order dynamics, which capture properties of the wealth distribution, are nonetheless important for an individual's mean consumption and saving decisions and therefore the mean equilibrium capital stock. Policy evaluation exercises therefore need to take account of these higher order terms. |
| 主题 | Microeconomics
; Mathematical Tools
; General Equilibrium
; Macroeconomics
; Consumption and Investment
; Business Cycles
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| URL | https://www.nber.org/papers/w13260
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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/570930
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推荐引用方式
GB/T 7714 |
Bruce Preston,Mauro Roca. Incomplete Markets, Heterogeneity and Macroeconomic Dynamics. 2007.
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文件名：
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w13260.pdf
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格式：
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Adobe PDF
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