The seminal work of Huggett (1993) showed that in a stationary recursive equilibrium, there exists a unique stationary distribution of agent types. However, the question remains open as to whether an equilibrium’s individual state space might turn out to be such that: either (i) every...

The seminal work of Huggett [“The risk-free rate in heterogeneous-agent incomplete-insurance economies”, Journal of Economic Dynamics and Control, 1993, 17(5-6), 953-969] showed that there exists a unique stationary distribution of agent types, given by their individual states of asset and...

We explore how the informational frictions underlying monetary exchange affect international exchange rate dynamics. Using a two-country, two-sector model, we show that information frictions imply a particular restriction on domestic price dynamics and hence on international nominal and real...

The seminal work of Huggett [“The risk-free rate in heterogeneous-agent incomplete-insurance economies”, Journal of Economic Dynamics and Control, 1993, 17(5-6), 953-969] showed that there exists a unique stationary distribution of agent types, given by their individual states of asset and...

We study optimal capital income taxation with a Ramsey problem and relate this optimal taxation problem to the question that has been asked in the asset pricing literature, which is why the risk free interest rate is too low. We show that the Ramsey planner chooses the optimal level of capital...

Korean Abstract: 본 연구는 한국노동패널자료(KLIPS)를 이용하여 개인의 국민연금자산(Social Security Wealth)을 추정하고 패널모형을 통해 소득분위별 연금자산이 가계의 저축과 자산구성 선택에 미치는 영향을 실증분석하였다....

Korean Abstract: 성장회계(growth accounting)는 1957년 Robert Solow 이후 각기 다른 요인들의 경제성장에의 기여도를 측정하는 방법으로 널리 이용되어 왔다. 그러나 각 기여도에 대한 해석과 함의를 도출하는 과정 중 거시경제를...