)]. Increasing heterogeneity in spending of populations of households leads to this sufficient condition which is falsifiable from … is, indeed, positive definite. The required heterogeneity condition is also well supported in this data where one can not …

degree of heterogeneity in household preferences or beliefs is sufficient to match empirical measures of wealth inequality in … the United States. The heterogeneity-augmented model’s predictions are consistent with microeconomic evidence that … macroeconomic models (even ones including some heterogeneity). The high MPC arises because many consumers hold little wealth despite …

mean of individual elasticities. The difference depends on the heterogeneity of the population and is quantified by a …