This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
The Neoclassical Growth Model with Heterogeneous Quasi-Geometric Consumers Author info | Abstract | Publisher info | Download info | Related research | Statistics Maliar, Lilia
Maliar, Serguei
Additional information is available for the following
registered author(s):
This paper investigates how the assumption of quasi-geometric (hyperbolic) discounting affects the distributional implications of the standard one-sector neoclassical growth model with infinitely lived heterogeneous agents. The agents are subject to idiosyncratic shocks and face borrowing constraints. We confine attention to an interior Markov recursive equilibrium. The consequence of quasi-geometric discounting is that the effective discount factor of an agent is not a constant, but an endogenous variable which depends on the agent's current state. We show, both analytically and by simulation, that this new feature can significantly affect the distributional implications of the neoclassical growth model.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking .
Volume (Year): 38 (2006)
Issue (Month): 3 (April)
Pages: 635-654
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:3:p:635-654Contact details of provider: Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Carroll, Christopher D & Kimball, Miles S, 1996.
"On the Concavity of the Consumption Function ,"
Econometrica ,
Econometric Society, vol. 64(4), pages 981-92, July.
[Downloadable!] (restricted)
Other versions: Karen E. Dynan, 1993.
"How prudent are consumers? ,"
Working Paper Series / Economic Activity Section
135, Board of Governors of the Federal Reserve System (U.S.).
Christopher D. Carroll, 2000.
"Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior ,"
American Economic Review ,
American Economic Association, vol. 90(2), pages 110-115, May.
[Downloadable!] (restricted)
Other versions: Huggett, Mark, 1997.
"The one-sector growth model with idiosyncratic shocks: Steady states and dynamics ,"
Journal of Monetary Economics ,
Elsevier, vol. 39(3), pages 385-403, August.
[Downloadable!] (restricted)
Krusell, Per & Kuruscu, Burhanettin & Smith Jr., Anthony A, 2001.
"Equilibrium Welfare and Government Policy with Quasi-Geometric Discounting ,"
CEPR Discussion Papers
2693, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Per Krusell & Burhanettin Kuruscu & Anthony A. Smtih, Jr., .
"Equilibrium Welfare and Government Policy with Quasi-Geometric Discounting ,"
GSIA Working Papers
2001-06, Carnegie Mellon University, Tepper School of Business.
Per Krusell & Burhanettin Kuruscu & Anthony A. Smith Jr., 2001.
"Equilibrium Welfare and Government Policy with Quasi-Geometric Discounting ,"
Temi di discussione (Economic working papers)
413, Bank of Italy, Economic Research Department.
[Downloadable!] Krusell, Per & Kuruscu, Burhanettin & Smith, Anthony Jr., 2002.
"Equilibrium Welfare and Government Policy with Quasi-geometric Discounting ,"
Journal of Economic Theory ,
Elsevier, vol. 105(1), pages 42-72, July.
[Downloadable!] (restricted) Lilia Maliar & Serguei Maliar, 2003.
"Solving The Neoclassical Growth Model With Quasi-Geometric Discounting: Non-Linear Euler-Equation Models ,"
Working Papers. Serie AD
2003-23, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
[Downloadable!]
Robert J. Barro, 1999.
"Ramsey Meets Laibson In The Neoclassical Growth Model ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 114(4), pages 1125-1152, November.
[Downloadable!] (restricted)
Jose-Victor Rios-Rull, 1997.
"Computation of equilibria in heterogeneous agent models ,"
Staff Report
231, Federal Reserve Bank of Minneapolis.
[Downloadable!]
Laibson, David, 1997.
"Golden Eggs and Hyperbolic Discounting ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 112(2), pages 443-77, May.
Per Krusell & Anthony A. Smith & Jr., 1998.
"Income and Wealth Heterogeneity in the Macroeconomy ,"
Journal of Political Economy ,
University of Chicago Press, vol. 106(5), pages 867-896, October.
[Downloadable!] (restricted)
Other versions:
Per Krusell & Anthony A. Smith, Jr., .
"Income and Wealth Heterogeneity in the Macroeconomy ,"
GSIA Working Papers
1997-37, Carnegie Mellon University, Tepper School of Business.
Krusell, P & Smith Jr, A-A, 1995.
"Income and Wealth Heterogeneity in the Macroeconomic ,"
RCER Working Papers
399, University of Rochester - Center for Economic Research (RCER).
Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1992.
"Earnings Uncertainty and Precautionary Saving ,"
CEPR Discussion Papers
699, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Giucca, P. & Jappelli, T. & Terlizzese, D., 1992.
"Earning Uncertainty and Precautionary Saving ,"
Papers
161, Banca Italia - Servizio di Studi.
Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1992.
"Earnings uncertainty and precautionary saving ,"
Journal of Monetary Economics ,
Elsevier, vol. 30(2), pages 307-337, November.
[Downloadable!] (restricted) Carroll, Christopher D, 1994.
"How Does Future Income Affect Current Consumption? ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 109(1), pages 111-47, February.
[Downloadable!] (restricted)
Other versions: Christopher D. Carroll & Andrew A. Samwick, 1998.
"How Important Is Precautionary Saving? ,"
The Review of Economics and Statistics ,
MIT Press, vol. 80(3), pages 410-419, August.
[Downloadable!] (restricted)
Other versions: David I. Laibson & Andrea Repetto & Jeremy Tobacman, 1998.
"Self-Control and Saving for Retirement ,"
Brookings Papers on Economic Activity ,
Economic Studies Program, The Brookings Institution, vol. 29(1998-1), pages 91-196.
[Downloadable!]
Krusell, Per & Smith Jr., Anthony A, 2001.
"Consumption-Savings Decisions with Quasi-Geometric Discounting ,"
CEPR Discussion Papers
2651, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Per Krusell & Anthony A Smith, Jr., 2001.
"Consumption Savings Decisions with Quasi-Geometric Discounting ,"
NajEcon Working Paper Reviews
625018000000000251, www.najecon.org.
[Downloadable!] Per Krusell & Anthony A. Smith, Jr., .
"Consumption-Savings Decisions with Quasi-Geometric Discounting ,"
GSIA Working Papers
2001-05, Carnegie Mellon University, Tepper School of Business.
Per Krusell & Anthony A. Smith, Jr., 2003.
"Consumption--Savings Decisions with Quasi--Geometric Discounting ,"
Econometrica ,
Econometric Society, vol. 71(1), pages 365-375, January.
[Downloadable!] (restricted) Vincenzo Quadrini & José-Víctor Ríos-Rull, 1997.
"Understanding the U.S. distribution of wealth ,"
Quarterly Review ,
Federal Reserve Bank of Minneapolis, issue Spr, pages 22-36.
[Downloadable!]
Harris, Christopher & Laibson, David, 2001.
"Dynamic Choices of Hyperbolic Consumers ,"
Econometrica ,
Econometric Society, vol. 69(4), pages 935-57, July.
Other versions: Dynan, Karen E, 1993.
"How Prudent Are Consumers? ,"
Journal of Political Economy ,
University of Chicago Press, vol. 101(6), pages 1104-13, December.
[Downloadable!] (restricted)
Huggett, Mark, 1993.
"The risk-free rate in heterogeneous-agent incomplete-insurance economies ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 17(5-6), pages 953-969.
[Downloadable!] (restricted)
Aiyagari, S Rao, 1994.
"Uninsured Idiosyncratic Risk and Aggregate Saving ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 109(3), pages 659-84, August.
[Downloadable!] (restricted)
Other versions:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Lilia Maliar & Serguei Maliar, 2007.
"Short-Run Patience and Wealth Inequality ,"
Studies in Nonlinear Dynamics & Econometrics ,
Berkeley Electronic Press, vol. 11(1).
[Downloadable!]
Lilia Maliar & Kateryna Garmel & Serguei Maliar, 2005.
"The Eu Eastern Enlargement And Fdi: The Implications From A Neoclassical Growth Model ,"
Working Papers. Serie AD
2005-29, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
[Downloadable!]
Lilia Maliar & Serguei Maliar, 2005.
"Solving the Neoclassical Growth Model with Quasi-Geometric Discounting: A Grid-Based Euler-Equation Method ,"
Computational Economics ,
Springer, vol. 26(2), pages 163-172, October.
[Downloadable!] (restricted)
Other versions: Lilia Maliar & Serguei Maliar, 2003.
"Heterogeneity In The Degree Of Quasi-Geometric Discounting: The Distributional Implications ,"
Working Papers. Serie AD
2003-28, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
[Downloadable!]
Access and
download statistics Did you know? No RePEc service, like IDEAS, charges for the use or the display of bibliographic data.
This page was last updated on 2009-12-8.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .