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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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