Replication data for: Can a Representative-Agent Model Represent a Heterogeneous-Agent Economy
Principal Investigator(s): View help for Principal Investigator(s) Sungbae An; Yongsung Chang; Sun-Bin Kim
Version: View help for Version V1
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EViewsFinal | 10/12/2019 07:10:PM | ||
FortranFinal | 10/12/2019 07:10:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 03:10:PM |
ReadMe.pdf | application/pdf | 32.5 KB | 10/12/2019 03:10:PM |
ReadMe.tex | text/x-tex | 3.6 KB | 10/12/2019 03:10:PM |
Project Citation:
An, Sungbae, Chang, Yongsung, and Kim, Sun-Bin. Replication data for: Can a Representative-Agent Model Represent a Heterogeneous-Agent Economy. Nashville, TN: American Economic Association [publisher], 2009. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114046V1
Project Description
Summary:
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Accounting for observed fluctuations in aggregate employment, consumption,
and real wage using the optimality conditions of a representative
household requires preferences that are incompatible with
economic priors. In order to reconcile theory with data, we construct
a model with heterogeneous agents whose decisions are difficult to
aggregate because of incomplete capital markets and the indivisible
nature of labor supply. If we were to explain the model-generated
aggregate time series using decisions of a stand-in household, such
a household must have a nonconcave or unstable utility as is often
found with the aggregate US data. (JEL E13, E24)
Scope of Project
JEL Classification:
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E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E13 General Aggregative Models: Neoclassical
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E13 General Aggregative Models: Neoclassical
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