Dynamic Economy With Heterogeneous Agents
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Dynamic Economy With Heterogeneous Agents
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Author : Yulei Peng
language : en
Publisher:
Release Date : 2013
Dynamic Economy With Heterogeneous Agents written by Yulei Peng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This dissertation consists of three essays about heterogeneous agents in the dynamic economy and how to deal with the asymmetric information arose by heterogeneity. Firstly, I consider the optimal taxation issue in a dynamic endogenous growth model with considering human capital accumulation, and agents ability is heterogeneous and private information. Moreover, the agents with higher ability have positive external effects on others. By using the two-sector endogenous model, I show that it is optimal to impose different income and capital income taxes on people with different abilities. Specifically, positive marginal income tax is adopted for people with lower ability while no tax is imposed for people with higher ability; marginal capital income tax is zero whatever the agent's is low or high. As for people using the capital and labor for human capital accumulation, the government should subsidize them whatever their ability is. Secondly, I study the optimal monetary and fiscal policy with heterogeneous agents based on the search-theoretical environment where money is essential and consider the private information. I first solve the households' problem in the centralized and decentralized market, and find out the optimal conditions. Then, in this section, I describe the problem that social planner faces by involving uncertainty and agents whose types are continuous. By comparing the optimal conditions in this generous setting, I show that the Friedman rule is no longer optimal when jointed with nonlinear taxation of income. Moreover, the capital income taxation is not zero. Moreover, I constructs a general theoretical model to consider two kinds of financial frictions in the economy with financial intermediaries. By quantitative analysis the model with three separate shocks which are a negative collateral shock, a negative productivity shock and a positive shock to bankers' divert rate, I find that a negative collateral shock which tightens firms' financing constraints on investment can generate an equity price boom which is different from what is observed in recessions. Therefore, the collateral shock is not the main reason for the business cycle, while the negative productivity shock and bankers' moral hazard problem are more important aspects to explain current economy. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/151328
Equity Issues In A Dynamic Economy With Heterogeneous Agents And Imperfect Markets
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Author : Francesco Zollino
language : en
Publisher:
Release Date : 2005
Equity Issues In A Dynamic Economy With Heterogeneous Agents And Imperfect Markets written by Francesco Zollino and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Heterogeneous Agent Modeling
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Author : Cars Hommes
language : en
Publisher: Elsevier
Release Date : 2018-06-27
Heterogeneous Agent Modeling written by Cars Hommes and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-27 with Business & Economics categories.
Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. Helps readers fully understand the dynamic properties of realistically rendered economic systems Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions Provides broad assessments that can lead researchers to recognize new synergies and opportunities
Equilibrium In A Simplified Dynamic Stochastic Economy With Heterogeneous Agents
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Author : Ioannis Karatzas
language : en
Publisher:
Release Date : 1989
Equilibrium In A Simplified Dynamic Stochastic Economy With Heterogeneous Agents written by Ioannis Karatzas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Equilibrium (Economics) categories.
Three Stochastic Dynamic Economies With Heterogeneous Agents
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Author : Josep M. Comajuncosa
language : en
Publisher:
Release Date : 2000
Three Stochastic Dynamic Economies With Heterogeneous Agents written by Josep M. Comajuncosa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Redistributive Taxation In Dynamic General Equilibrium With Heterogeneous Agents
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Author : Putz, Christian
language : en
Publisher: University of Bamberg Press
Release Date : 2019
Redistributive Taxation In Dynamic General Equilibrium With Heterogeneous Agents written by Putz, Christian and has been published by University of Bamberg Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Political Science categories.
Nonlinear Dynamics And Heterogeneous Interacting Agents
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Author : Thomas Lux
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-06-06
Nonlinear Dynamics And Heterogeneous Interacting Agents written by Thomas Lux and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-06-06 with Business & Economics categories.
Economic application of nonlinear dynamics, microscopic agent-based modelling, and the use of artificial intelligence techniques as learning devices of boundedly rational actors are among the most exciting interdisciplinary ventures of economic theory over the past decade. This volume provides us with a most fascinating series of examples on "complexity in action" exemplifying the scope and explanatory power of these innovative approaches.
Aggregate Dynamics With Heterogeneous Agents And State Dependent Pricing
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Author : Vladislav Damjanovic
language : en
Publisher:
Release Date : 2005
Aggregate Dynamics With Heterogeneous Agents And State Dependent Pricing written by Vladislav Damjanovic and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
This paper examines the consequences of (S, s) pricing rules in a dynamic economy with heterogeneous costs of price adjustment. We construct the stationary distributions for aggregate output and prices for our model economy. As a result of our assumption of heterogeneous costs we find that: (i) Some sectors change prices more regularly than others; (ii) Price changes are asynchronized (relative prices may be moving in opposite directions in different sectors); (iii) The economy may be more sensitive to demand shocks. There is broad empirical support for the predictions of the model.
Dynamic General Equilibrium Modelling
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Author : Burkhard Heer
language : en
Publisher: Springer Science & Business Media
Release Date : 2005-01-11
Dynamic General Equilibrium Modelling written by Burkhard Heer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-11 with Business & Economics categories.
Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. Many mathematical tools are needed to solve these models. The book presents various methods for computing the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. Part II discusses methods for solving heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model. Through an accompanying home page to this book, computer codes to all applications can be downloaded.
Bounded Rationality And Heterogeneity In Economic Dynamic Models
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Author : Pietro Dino Enrico Dindo
language : en
Publisher: Rozenberg Publishers
Release Date : 2007
Bounded Rationality And Heterogeneity In Economic Dynamic Models written by Pietro Dino Enrico Dindo and has been published by Rozenberg Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Economic modelling categories.