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- W2247809384 abstract "The thesis studies quantitative implications of the real business cycle modelswith heterogeneous agents. The questions I ask are: First, Can the studiedmodels not only replicate the aggregate time series facts but also the distributionsof individual quantities such as consumption, hours worked, income,wealth observed in the micro data? Second, Does incorporating heterogeneityenhance the aggregate performance of the representative consumer models?To simplify the characterization of the equilibria in the models, I use resultsfrom aggregation theory.The thesis is composed of three chapters, each of which can be read independently.A l l chapters are joint with Serguei Maliar.The first chapter analyzes the predictions of a heterogeneous agents versionof the model by Kydland and Prescott (1982). I calibrate and solvethe model with eight heterogeneous agents to match the aggregate quantitiesand the distributions of productivity and wealth in the U.S. economy. I findthat the model can generate the distributions of consumption and workinghours which are consistent with patters observed in the data. I show thatincorporating the heterogeneity helps to improve on the model's predictionswith respect to labor markets. In particular, unlike a similar representativeagent setup, the heterogeneous model can account for the Dunlop-Tarshisobservation of weak correlation between productivity and hours worked.The second chapter constructs a heterogeneous agents version of the indivisiblelabor model by Hansen (1985) with search and home production. Icalibrate and solve the model with five agents to replicate aggregate quantitiesand differences in productivity across agents in the U.S. economy. Themodel does reasonably well at reproducing cyclical behavior of the macroeconomicaggregates. At the individual level, it can account for the stylizedfacts that more productive individuals (i) enjoy a higher employment rate,(ii) have a lower volatility of employment, (iii) spend less time working athome. It is important to emphasize that none of the heterogeneous modelswith home production existing in the literature has been able to explain fact(ii).The third chapter studies distributive dynamics of wealth and income ina heterogeneous agents version of Kydland and Prescott's (1982) model. Ishow that imder the assumptions of complete markets and Cobb-Douglaspreferences, the evolution of wealth and income distributions in the modelcan be described in terms of aggregate variables and time-invariant agent-specificparameters. This allows me to characterize explicitly the behavior ofsuch inequality measvures as the coefficient of variation of wealth and incomeover the business cycle. I test the model's implications by using the timeseries on the U.K. economy. The predictions are in agreement with the data." @default.
- W2247809384 created "2016-06-24" @default.
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- W2247809384 date "1999-09-08" @default.
- W2247809384 modified "2023-09-24" @default.
- W2247809384 title "Quantitative effects of heterogeneity in dynamic macroeconomics" @default.
- W2247809384 hasPublicationYear "1999" @default.
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