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- Heterogeneity In Capital And Skills In A Neoclassical Stochastic Growth Model

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  • Lilia Maliar

    ()
    (Universidad de Alicante)

  • Serguei Maliar

    (Universidad de Alicante)

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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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1999-21.pdf
File Function: Fisrt version / Primera version, 1999
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1999-21.

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Length: 40 pages
Date of creation: Dec 1999
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1999-21

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Keywords: Neoclassical model; heterogeneous agents; aggregation; business cycle;

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References

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