Showing 1 - 10 of 23
Persistent link: https://www.econbiz.de/10003431159
This paper studies the efficiency gains from distorting savings in dynamic Mirrleesian private-information economies. We develop a method that pertubs the consumption process optimally, while preserving incentive compatibility. The Inverse Euler equation holds at the new optimized allocation....
Persistent link: https://www.econbiz.de/10012721614
Persistent link: https://www.econbiz.de/10009631479
I study aggregate consumption dynamics under incomplete markets, focusing on the relationship between consumption and the path for interest rates. I first provide a general aggregation result under extreme illiquidity (no borrowing and no outside assets), deriving a generalized Euler relation...
Persistent link: https://www.econbiz.de/10012457220
I study aggregate consumption dynamics under incomplete markets, focusing on the relationship between consumption and the path for interest rates. I first provide a general aggregation result under extreme illiquidity (no borrowing and no outside assets), deriving a generalized Euler relation...
Persistent link: https://www.econbiz.de/10013017512
Aggregate production functions are reduced-form relationships that emerge endogenously from input-output interactions between heterogeneous producers and factors in general equilibrium. We provide a general methodology for analyzing such aggregate production functions by deriving their first-...
Persistent link: https://www.econbiz.de/10012907445
This paper develops a general theory of aggregation in inefficient economies. We provide non-parametric formulas for aggregating microeconomic shocks in economies with distortions such as taxes, markups, frictions to resource reallocation, financial frictions, and nominal rigidities. We allow...
Persistent link: https://www.econbiz.de/10012943616
We study a non-parametric class of neoclassical trade models with global production networks and arbitrary distortions. We characterize their properties in terms of sufficient statistics useful for growth and welfare accounting as well as for counterfactuals. Using these sufficient statistics,...
Persistent link: https://www.econbiz.de/10012865758
We study a non-parametric class of neoclassical trade models with global production networks. We characterize their properties in terms of sufficient statistics useful for growth and welfare accounting as well as for counterfactuals. We establish a formal duality between open and closed...
Persistent link: https://www.econbiz.de/10012480054
Aggregate production functions are reduced-form relationships that emerge endogenously from input-output interactions between heterogeneous producers and factors in general equilibrium. We provide a general methodology for analyzing such aggregate production functions by deriving their first-...
Persistent link: https://www.econbiz.de/10012480944