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
| Name | File Type | Size | Last Modified |
|---|---|---|---|
| EViewsFinal | 10/12/2019 07:10:PM | ||
| FortranFinal | 10/12/2019 07:10:PM | ||
|
|
text/plain | 14.6 KB | 10/12/2019 03:10:PM |
|
|
application/pdf | 32.5 KB | 10/12/2019 03:10:PM |
|
|
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:
View help for Summary
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:
View help for JEL Classification
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
Related Publications
Published Versions
Report a Problem
Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.
This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.