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We argue that the complex interactions of competitive heterogeneous firms lead to a statistical equilibrium … phenomenologically inspired interpretation of variations in the shape parameter of the statistical equilibrium distribution. Our main …
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Since the publication of Keynes' "General Theory of Employment, Interest, and Money" in 1936 many new ideas and … dynamic stochastic general equilibrium with Keynesian elements such as nominal price rigidities and market imperfections …
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stationary distribution of agent types. This coincides with the possibility that an equilibrium individual state space may turn … that Huggett's result of a unique stationary equilibrium distribution of agents must be one that is nontrivial or …
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