Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach
Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach
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DOI：
10.1093/restud/rdab002
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发表时间：
2021-02-25
影响因子：
5.8
通讯作者：
Moll, Benjamin
中科院分区：
文献类型：
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作者：
Achdou, Yves;Han, Jiequn;Moll, Benjamin
我们重铸了连续时间内收入和财富分配的Aiyagari-Bewley-Huggett模型。这个主力模型以及更一般的异构代理模型可以归结为一个偏微分方程系统，我们利用这个事实做出两种贡献。首先，一些新的理论结果：（1）穷人的消费和储蓄行为的分析特征，特别是他们的边际消费倾向;（2）在两种收入类型的特殊情况下，财富分配的封闭形式的解决方案;（3）证明，如果跨期替代弹性弱大于1，则存在唯一的静态均衡。其次，我们开发了一个简单，高效和便携式的算法数值求解平衡在广泛的一类异构代理模型，包括但不限于Aiyagari-Bewley-Huggett模型。
We recast the Aiyagari-Bewley-Huggett model of income and wealth distribution in continuous time. This workhorse model-as well as heterogeneous agent models more generally-then boils down to a system of partial differential equations, a fact we take advantage of to make two types of contributions. First, a number of new theoretical results: (1) an analytic characterization of the consumption and saving behaviour of the poor, particularly their marginal propensities to consume; (2) a closed-form solution for the wealth distribution in a special case with two income types; (3) a proof that there is a unique stationary equilibrium if the intertemporal elasticity of substitution is weakly greater than one. Second, we develop a simple, efficient and portable algorithm for numerically solving for equilibria in a wide class of heterogeneous agent models, including-but not limited to-the Aiyagari-Bewley-Huggett model.