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Unraveling the Household Heterogeneity in Regional Economic Models: Some Important Challenges

In: Regional Research Frontiers - Vol. 2

Author

Listed:
  • Geoffrey J. D. Hewings

    (University of Illinois)

  • Sang Gyoo Yoon

    (Bank of Korea)

  • Seryoung Park

    (Bank of Korea)

  • Tae-Jeong Kim

    (Bank of Korea)

  • Kijin Kim

    (University of Illinois
    Asian Development Bank)

  • Kurt Kratena

    (University of Illinois
    Loyola University Andalucía)

Abstract

Regional modelers have spent a great deal of time and energy worrying about the level of sectoral aggregation but relatively little time considering the implications of aggregation of households into a representative household. In the US, households account for 70% of GDP on the expenditure side and increasing concerns about rising income inequality suggest that greater household disaggregation might be warranted. This paper provides a sampling of some evidence of the impacts for such disaggregation in regional econometric-input-output and computable general equilibrium models; attention is directed to disaggregation by age and income and a variety of experiments reveal the implications on a regional economy over the short- and long-run. Given the increasing attention on income distribution and inequality, the opportunity exists to provide important contributions to this literature by exploring the mechanisms of income formation, especially from non-wage and salary sources.

Suggested Citation

  • Geoffrey J. D. Hewings & Sang Gyoo Yoon & Seryoung Park & Tae-Jeong Kim & Kijin Kim & Kurt Kratena, 2017. "Unraveling the Household Heterogeneity in Regional Economic Models: Some Important Challenges," Advances in Spatial Science, in: Randall Jackson & Peter Schaeffer (ed.), Regional Research Frontiers - Vol. 2, chapter 0, pages 23-47, Springer.
    • Handle: RePEc:spr:adspcp:978-3-319-50590-9_2
    DOI: 10.1007/978-3-319-50590-9_2
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    Cited by:

    1. Xiuli Liu & Geoffrey J. D. Hewings, 2019. "Identification of changes in the economic interactions among sectors from 1995 to 2010 for Chicago economy using hierarchical feedback loop analysis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 62(3), pages 637-655, June.
    2. Peter W. J. Batey & Geoffrey J. D. Hewings, 2021. "Demo-economic Modeling: Review and Prospects," International Regional Science Review, , vol. 44(3-4), pages 328-362, May.

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