Can a Representative-Agent Model Represent a Heterogeneous-Agent Economy

被引：19

作者：

An, Sungbae ^{[1
]}

Chang, Yongsung ^{[2
,3
]}

Kim, Sun-Bin ^{[4
]}

机构：

[1] Singapore Management Univ, Sch Econ, Singapore 178903, Singapore

[2] Univ Rochester, Dept Econ, Rochester, NY 14627 USA

[3] Yonsei Univ, Seoul 120749, South Korea

[4] Korea Univ, Dept Econ, Seoul 136701, South Korea

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2009年 / 1卷 / 02期

关键词：

INTERTEMPORAL SUBSTITUTION; BUSINESS-CYCLE; REAL WAGES; LABOR;

D O I：

10.1257/mac.1.2.29

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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)

引用

页码：29 / 54

页数：26

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