Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
Much analysis in macroeconomics empirically addresses economy-wide incentives behind consumer/investment choices by using insights from the way a single representative household would behave. Heterogeneity at the micro level can jeopardize attempts to back up the representative consumer...