- Heterogeneity In Capital And Skills In A Neoclassical Stochastic Growth Model
AbstractDoes 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 InfoPaper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1999-21.
Length: 40 pages
Date of creation: Dec 1999
Date of revision:
Publication status: Published by Ivie
Neoclassical model; heterogeneous agents; aggregation; business cycle;
Other versions of this item:
- Maliar, Lilia & Maliar, Serguei, 2001. "Heterogeneity in capital and skills in a neoclassical stochastic growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 25(9), pages 1367-1397, September.
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
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