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Heterogeneity in capital and skills in a neoclassical stochastic growth model

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  • Maliar, Lilia
  • Maliar, Serguei

Abstract

Does a heterogeneous agents version of a neoclassical model with labor-leisure choice replicatethe distributions of consumption and working hours observed in the cross-sectional data? Doesincorporating heterogeneity enhance the aggregate performance of the representative agentmodel? We address these questions in a complete market model economy with two sources ofheterogeneity: initial endowments and non-acquired skills. We find positive answers to bothquestions.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 25 (2001)
Issue (Month): 9 (September)
Pages: 1367-1397

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Handle: RePEc:eee:dyncon:v:25:y:2001:i:9:p:1367-1397

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