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The spice of life : allowing for heterogeneity in macro models

Author

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  • Kartik B. Athreya
  • Renee Courtois Haltom

Abstract

Macroeconomic models often make simplifying assumptions that suppress differences between people. Changing these assumptions and allowing for "heterogeneity" can enrich analysis of both observed data and policy tradeoffs. Modern macroeconomics has made significant progress in this area, sometimes significantly altering economists' views and policy prescriptions.

Suggested Citation

  • Kartik B. Athreya & Renee Courtois Haltom, 2012. "The spice of life : allowing for heterogeneity in macro models," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue Apr.
    • Handle: RePEc:fip:fedreb:y:2012:i:apr:n:12-04
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    Cited by:

    1. Athreya, Kartik B., 2014. "Big Ideas in Macroeconomics: A Nontechnical View," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262019736, December.

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    Keywords

    Macroeconomics;

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