학술저널
Economic Allocations with Permanent Heterogeneities
- 한국계량경제학회
- JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS
- Vol.23 No.1
-
2012.0330 - 47 (18 pages)
- 28
Permanent heterogeneities in initial asset, preference for leisure, and individual productivity are introduced in a dynamic general equilibrium model and the functional relationship between the heterogeneities and economic allocations is studied. With the permanent heterogeneities, we show that a unique saddle path equilibrium is supported by an initial asset distribution. Depending on the heterogeneities, the distributions of consumption, income, asset and labor income may differ incredibly. However, the associated aggregate economies are not different very much.
Abstract
1. INTRODUCTION
2. LONG AND PLOSSER ECONOMY WITH PERMANENT HETEROGENEITIES
3. A STEADY STATE EXAMPLE
4. CONCLUSION
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