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Integrated Aggregation in Dynamic Economies

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Author Info

  • Laura Marsiliani

    (Durham Business School)

  • Thomas I. Renstroem

    (Durham Business School)

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    Abstract

    The paper provides necessary and sufficient conditions for aggregation of heterogeneous individuals in dynamic economies, when individuals differ in abilities as well as in capital endowments, and when there are distortionary taxes. The aggregation theorems imply that the competitive equilibrium can be represented as if there was only one individual in the economy. This considerably facilitates analysis of the aggregate economy, such as stability analysis, as well as of the distribution of wealth. Furthermore, the paper provides conditions under which a representative individual coincides with one of the individuals in the economy.

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    File URL: http://dro.dur.ac.uk/10360
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    Bibliographic Info

    Paper provided by Durham University Business School in its series Working Papers with number 2009_04.

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    Date of creation: 01 Dec 2009
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    Handle: RePEc:dur:durham:2009_04

    Contact details of provider:
    Postal: Durham University Business School, Mill Hill Lane, Durham DH1 3LB, England
    Phone: +44 (0)191 334 5200
    Fax: +44 (0)191 334 5201
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    Web page: http://www.dur.ac.uk/business
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    Related research

    Keywords: Aggregation; economic dynamics; heterogeneity;

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    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. Meltzer, Allan H & Richard, Scott F, 1981. "A Rational Theory of the Size of Government," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(5), pages 914-27, October.
    3. Pollak, Robert A, 1971. "Additive Utility Functions and Linear Engel Curves," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 38(116), pages 401-14, October.
    4. Chatterjee, Satyajit, 1994. "Transitional dynamics and the distribution of wealth in a neoclassical growth model," Journal of Public Economics, Elsevier, Elsevier, vol. 54(1), pages 97-119, May.
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