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来源类型Working Paper
规范类型报告
DOI10.3386/w23732
来源IDWorking Paper 23732
Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach
Yves Achdou; Jiequn Han; Jean-Michel Lasry; Pierre-Louis Lions; Benjamin Moll
发表日期2017-08-28
出版年2017
语种英语
摘要We recast the Aiyagari-Bewley-Huggett model of income and wealth distribution in continuous time. This workhorse model – as well as heterogeneous agent models more generally – then boils down to a system of partial differential equations, a fact we take advantage of to make two types of contributions. First, a number of new theoretical results: (i) an analytic characterization of the consumption and saving behavior of the poor, particularly their marginal propensities to consume; (ii) a closed-form solution for the wealth distribution in a special case with two income types; (iii) a proof that there is a unique stationary equilibrium if the intertemporal elasticity of substitution is weakly greater than one; (iv) characterization of “soft” borrowing constraints. Second, we develop a simple, efficient and portable algorithm for numerically solving for equilibria in a wide class of heterogeneous agent models, including – but not limited to – the Aiyagari-Bewley-Huggett model.
主题Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Consumption and Investment
URLhttps://www.nber.org/papers/w23732
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581405
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GB/T 7714
Yves Achdou,Jiequn Han,Jean-Michel Lasry,et al. Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach. 2017.
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