to obtain better elasticity measures, and to better characterize their accuracy. Our results show much heterogeneity in … the estimates of the elasticity of substitution across industrial sectors. This, in turn, points to heterogeneity across …

Based on a general framework for computing the aggregate human capital stock under heterogeneity across population … are inconsistent with heterogeneity in years of schooling and based on empirically implausible demographic survival laws …

The aggregation of individual random AR(1) models generally leads to an AR(∞) process. We provide two consistent …

It is well known from nonlinear aggregation theory that distributions play a central role in the determination of … aggregate relations. This paper establishes a bridge between the aggregation and the inequality and growth literature by … applying a log-linear aggregation method to a simple heterogeneous AK growth model. The aggregation effect is explicitly …

are that heterogeneity and wage inertia are needed to help reconcile these observations. Aggregate consumption and its …

(1991)]. Increasing heterogeneity in spending of populations of households leads to this sufficient condition which is … effect matrix is, indeed, positive definite. The required heterogeneity condition is also well supported in this data where …

A common theme in the theory of demand aggregation is that market demand can acquire properties which are not always …

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