| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23732 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w23732 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581405 |
| 推荐引用方式 GB/T 7714 | Yves Achdou,Jiequn Han,Jean-Michel Lasry,et al. Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23732.pdf（924KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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