Essays In Heterogeneity In Macroeconomics

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Essays In Heterogeneity In Macroeconomics

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Author : Minsu Chang
language : en
Publisher:
Release Date : 2019

Essays In Heterogeneity In Macroeconomics written by Minsu Chang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

This dissertation consists of two chapters that explore how micro-level heterogeneity helps us understand the dynamics of macroeconomic variables. Chapter 2 shows that the evolving likelihood of marriage and divorce is an essential factor in accounting for the changes in housing decisions over time in the United States. I build and estimate a life-cycle model of single and married households who face exogenous age-dependent marital transition shocks and then conduct a decomposition analysis between 1970 and 1995. The results show that household formation shocks could account for about 30% of the increase in the single's homeownership rate and play a crucial role in generating the observed sign of change in portfolio share of married households. The extended analysis on recent years after 1995 shows that the continuing decrease in marriage prospects contributed to push up the single's homeownership rate during the housing boom in the mid 2000s. Chapter 3 develops a state-space model with a state-transition equation that takes the form of a functional vector autoregression and stacks macroeconomic aggregates and a cross-sectional density. The measurement equation captures the error in estimating log densities from repeated cross-sectional samples. The log densities and the transition kernels in the law of motion of the states are approximated by sieves, which leads to a finite-dimensional representation in terms of macroeconomic aggregates and sieve coefficents. We illustrate how the model works based on the simulation of the Krusell-Smith economy and conduct an empirical analysis on the joint dynamics of technology shocks, per capita GDP, employment rates, and the earnings distribution.

Interaction And Market Structure

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Author : Domenico Delli Gatti
language : en
Publisher:
Release Date : 2000-03-27

Interaction And Market Structure written by Domenico Delli Gatti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-03-27 with categories.

Three Essays On Heterogeneity In Macroeconomics

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Author : Ryan Douglas Edwards
language : en
Publisher:
Release Date : 2002

Three Essays On Heterogeneity In Macroeconomics written by Ryan Douglas Edwards and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.

Essays On Information And Heterogeneity In Macroeconomics

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Author :
language : en
Publisher:
Release Date : 2017

Essays On Information And Heterogeneity In Macroeconomics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.

Three Essays On Heterogeneity In Macroeconomics

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Author : Mohamed Diaby
language : en
Publisher:
Release Date : 2019

Three Essays On Heterogeneity In Macroeconomics written by Mohamed Diaby and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

Essays On Heterogeneity And Macroeconomics

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Author : Ömer Tuğrul Açıkgöz
language : en
Publisher:
Release Date : 2011

Essays On Heterogeneity And Macroeconomics written by Ömer Tuğrul Açıkgöz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Consumption (Economics) categories.

"The first chapter of this dissertation is based on the observation that during the past 50 years, the US economy has been characterized by a rapid decline of labor unions and a substantial rise in wage inequality. The chapter proposes that the rise in the skill premium in the non-union sector, for instance, due to technical change, can potentially explain these trends. Based on the premise that labor unions compress wages between skilled and unskilled workers, a larger skill premium encourages skilled workers to withdraw from the union. If this is accompanied by a fall in the productivity of unskilled workers, firms become more reluctant to hire the relatively expensive union workers, reinforcing the decline in the unionization rate. To evaluate this hypothesis, we develop a macroeconomic model of endogenous union membership with heterogenous agents, where union members are selected from the middle of the skill distribution and have significant wage gains that are decreasing in skill, consistent with US evidence. The model predicts that the rise in skill prices in the non-union sector explains 30-60% of the decline in the unionization rate. It was argued that the declining union activity contributed to the rise in wage inequality by changing the labor force composition. We find this effect to be much smaller due to selection into union jobs. In the second chapter, I investigate the role of heterogeneity and misaggregation in explaning the empirically missing correlations between the relative consumption and real exchange rates between countries, referred to as the Backus-Smith puzzle. I construct a two-country general-equilibrium model with heterogeneous households that choose to consume either an imported good, or its domestic variant. I show that upon aggregation, the corresponding 'representative agent'' acts as if he is subject to taste shocks, which works towards weakening the tight link between relative prices and quantities. The model therefore constitutes a microfoundation for what shows up as taste shocks in the data. I argue that the missing correlations could be an artifact of heterogeneity"--Page v-vi.

Interaction And Market Structure

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Author : Domenico Delli Gatti
language : en
Publisher: Springer Science & Business Media
Release Date : 2000-03-27

Interaction And Market Structure written by Domenico Delli Gatti 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 2000-03-27 with Business & Economics categories.

This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.

Heterogeneity In Macroeconomics

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Author : Joao Ferreira Gomes
language : en
Publisher:
Release Date : 1997

Heterogeneity In Macroeconomics written by Joao Ferreira Gomes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Equilibrium (Economics) categories.

Essays On Agent Heterogeneity In Macroeconomics

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Author : Jose Luis Luna Alpizar
language : en
Publisher:
Release Date : 2016

Essays On Agent Heterogeneity In Macroeconomics written by Jose Luis Luna Alpizar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

Heterogeneous agents models have become the norm in modern macroeconomics as the limitations of the representative-agent paradigm and the importance of studying household heterogeneity grow in recognition. Agent heterogeneity may not only be important to accurately capture the description of an aggregate equilibrium. Also, the representative agent assumption may hide many distributional effects and therefore could change the answer to many normative questions usually given by representative agent models.This dissertation contains three chapters exemplifying ways in which the consideration of heterogeneous agents in the modelling of macroeconomic phenomena has important repercussions for the predictions of the model and its normative implications. Chapters 1 and 2 show the importance of accounting for worker heterogeneity in the analysis of labor markets. Chapter 1 presents a search and matching model of unemployment with heterogeneous workers which's main features, are ex-ante worker heterogeneity and undirected search. These features enable the model to replicate the empirical correlations between labor market outcomes and proxy variables for worker productivity. The model displays job rationing, which makes it useful to understand the high levels of unemployment observed in deep recessions. It also constitutes a versatile tool for the analysis of several labor-market aspects in which worker heterogeneity could play an important role, such as the impact of employment policies that are believed to have asymmetric effects across the labor force.Chapter 2 provides an example of such applications by analyzing the effects of increments of a minimum wage. It explores theoretically and empirically the notion that minimum wages affect low-skill workers asymmetrically due to productivity differences. Using the model presented in chapter 1, with the incorporation of endogenous search intensity to account for the effects that minimum wages could have on worker participation, I show that a rising minimum wage lowers the employment and labor force participation of low-productivity workers by pricing them out of the market, while it increases the employment, participation, and wages of more productive workers that remain hirable. Chapter 2 also contains an empirical analysis that investigates and ultimately validates the model's predictions of changes in the minimum wage. Within the labor market for low-education (high school or lower) workers, increments in the minimum wage have diametrically opposed effects: they reduce the employment and labor force participation of teenagers with less than high school education, while increasing the employment and labor force participation of mature workers with high school educational attainment. A calibrated version of the model targeting the low-education labor market shows that, despite its opposite effects across the labor force, an increase in the minimum wage negatively impacts aggregate employment, labor force participation, and social welfare.Chapter 3 investigates the existence of complex dynamics in the behavior of exchange rates due heterogeneity in the expectations of their future value. A simple model of exchange rate dynamics featuring traders with heterogeneous expectations is introduced. The model is based on the asset pricing model in Brock and Hommes (1998) and features the BNN dynamic presented in Brown et al. (1950), a dynamic with desirable properties absent in other dynamics used in the literature. The chapter shows that even this simple model can easily generate complex and even chaotic dynamics in the exchange rate because of the interaction of traders with different beliefs. An important implication is that long-term exchange rate prediction is, in theory, difficult.

Essays On Macroeconomics And Household Heterogeneity

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Author : Isaac Gross
language : en
Publisher:
Release Date : 2018

Essays On Macroeconomics And Household Heterogeneity written by Isaac Gross and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.