Heterogeneous Agents Economies with Capital: Model Development and Applications

以前开发的计算随机重叠世代经济均衡的方法，其中代理人生活在大量时期，将应用于解决几个问题。在这些类型的经济体中，资产价格的行为和风险在代理人之间的分布就是其中之一。另一个应用是调查人口年龄结构的变化对跨期价格和资本积累速度的影响。最后，对各国人口结构差异造成的国际借贷模式进行量化评估，将有助于评估外部赤字的性质。这项研究还将开发一种方法，适用于定量处理具有资本、意识形态和整个经济范围的生产力冲击以及流动性限制的异质、无限存在的代理人经济体。这种方法的发展将允许明确考虑许多问题。其中包括：检查真实商业周期研究结果对普遍存在流动性约束的环境的稳健性，研究不同财富和收入群体在商业周期中的行为，以及不同技能群体工作时间的不同波动性。这个项目解决了许多需要更好地理解的关于可计算的一般均衡模型的重要问题。开发的方法可用于探索与老龄化和储蓄以及工人分布有关的问题。这项工作将为今后处理重要的政策问题提供重要的基础。

Previously developed methods to compute equilibria for stochastic overlapping generations economies where agents live a large number of periods will be applied to address several questions. Among them are the behavior of asset prices and the distribution of risks across agents in these type of economies. Another application is to investigate the implications of changes in the age structure of the population on intertemporal prices, and on the rate of capital accumulation. Finally, a quantitative assessment of the patterns of international borrowing and lending due to differences in the demographic structure of nations will allow an evaluation of the nature of the external deficit. The study will also develop a method suitable to quantitatively address heterogeneous, infinitely lived agents economies with capital, ideosyncratic and economy-wide shocks to productivity, and liquidity constraints. The development of this method will allow explicit consideration of many issues. Among them are: checking the robustness of the findings of real business cycle research to environments with pervasive liquidity constraints, and studying the behavior of different wealth and income groups during the business cycle, and the differential volatility of hours worked across skill groups. This project addresses many important issues regarding computable general equilibrium models that need to be better understood. The methods developed can be used to explore issues related to aging and savings, and the distribution of workers. This work will provide the crucial base upon which important policy issues can be addressed in the future.