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This paper analyzes and computes the equilibria of economies with large numbers of heterogeneous agents who have different asset trading technologies, preferences, and beliefs. We illustrate the value of our method by using it to evaluate the implications of these heterogeneities through several...
Persistent link: https://www.econbiz.de/10013050832
This paper analyzes and computes the equilibria of economies with large numbers of heterogeneous agents who have different asset trading technologies, preferences, and beliefs. We illustrate the value of our method by using it to evaluate the implications of these heterogeneities through several...
Persistent link: https://www.econbiz.de/10013054406
Housing wealth is about one half of household net worth, and consumption is a considerable fraction (about two thirds) of Gross Domestic Product in the United States. Empirically, movements in housing wealth are associated with movements in consumption in the same direction. This observation has...
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; Transitory Income Volatility ; Earnings Dynamics ; Safety Net ; Transfer Payments … equivalent household income. Permanent and transitory variances of male income over the period 1984-2008 are estimated for Old … German Laender in order to determine their importance to income dynamics. To uncover the role of the welfare state in …
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We estimate the trend in the transitory variance of male earnings in the U.S. using the Michigan Panel Study of Income …
Persistent link: https://www.econbiz.de/10008902943