Three Essays On Heterogeneity In Macroeconomics
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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.
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.
Heterogeneity And Relative Concerns
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Author : Roberta Distante
language : en
Publisher:
Release Date : 2012
Heterogeneity And Relative Concerns written by Roberta Distante and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Three Essays In Macroeconomics With Heterogeneous Agents
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Author : Ying Tung Chan
language : en
Publisher:
Release Date : 2017
Three Essays In Macroeconomics With Heterogeneous Agents written by Ying Tung Chan 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.
"This thesis extends the macroeconomic theory with heterogeneous agents by taking account of heterogeneous households' interaction among themselves, in the form of comparing their consumptions or incomes, and by allowing heterogeneous firms to interact in a strategic fashion. In Chapter 2, I study how behavioral hypotheses such as the concern for status (relative consumption) and inequality aversion can lead to useful predictions about the evolution of wealth distribution and asset accumulation. Households are heterogeneous in terms of initial endowments and idiosyncratic shocks to their labor productivity. I propose a generalized concept of consumption externalities which include as special cases the concern for relative consumption, and preferences that display inequality aversion. In Chapter 3, I focus on interactions among heterogeneous firms in an oligopolistic framework. I assume that that the products offered by these firms are not perfect substitutes. More important, the degree of substitutability may vary across products within the industry. I offer a general formulation of industry structure such that monopoly, oligopoly, and monopolistic competition can be obtained as special cases. In Chapter 4, we study how preferences that display ambiguity aversion play a role in the job search process and affects the equilibrium rates of unemployment and vacancy. Ambiguity refers to the lack of information about probability distributions. The traditional job search model assumes that there are random matches between job seekers and firms (or vacancies), and the random draws have objective probability distributions that are known to both sides of the markets. We modify this model and assume that economic agents are uncertain about the underlying probability distributions. This chapter contributes to our understanding of how ambiguity aversion affects the unemployment rate and aggregate productivity." --
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 Public Economics And Heterogeneity
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Author : Anderson Luís Schneider
language : en
Publisher:
Release Date : 2009
Three Essays On Public Economics And Heterogeneity written by Anderson Luís Schneider and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
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.
Essays On Macroeconomics With Heterogeneous Regions
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Author : Chang Liu
language : en
Publisher:
Release Date : 2020
Essays On Macroeconomics With Heterogeneous Regions written by Chang Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This dissertation studies macroeconomics with regional heterogeneity in three general dimensions. First, it documents some novel empirical patterns of regional heterogeneity (in Chapter 1, 2, 3). Second, these empirical facts are used to identify key economic forces underlying theoretical models (in Chapter 1 and 3). Third, aggregate implications of regional heterogeneity are also studied (in Chapter 1). In the first chapter of this dissertation, I highlight time-varying regional risk and federal fiscal transfer policy as two competing forces driving regional risk sharing over the business cycle and in turn quantify their impacts on aggregate fluctuations. I find that during an economic downturn, increased regional risk worsens risk sharing and amplifies the impact of aggregate productivity shocks. However, state-contingent federal government transfers provide additional risk sharing and help stabilize the aggregate economy, by providing insurance to the regions that need it the most. In the second chapter (joint with Noah Williams), we first estimate a quarterly dataset for state-level aggregates by building a novel empirical framework that allows for mixed-frequency raw data with measurement errors. We then apply this dataset to study the monetary policy effects at the state levels. We find that states behave remarkably homogeneous with each other in their responses of output and price to an unanticipated monetary policy shock. In the third chapter (joint with Noah Williams), we use the state-level quarterly dataset to analyze the impact of unexpected changes in federal personal and corporate income taxes. We find substantial heterogeneity in the impact of federal fiscal policy across states, with more than half having no significant response to the tax cuts. In addition, less capital-intensive states have larger responses to corporate tax cuts. Although puzzling in standard models, a model with corporate and non-corporate sectors is consistent with this evidence. Overall, our results suggest the importance of variation and reallocation across states in evaluating federal policy.
Three Essays On Unobserved Heterogeneity
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Author : Sergio Samuel Urzua Soza
language : en
Publisher:
Release Date : 2006
Three Essays On Unobserved Heterogeneity written by Sergio Samuel Urzua Soza and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Economics, Mathematical categories.
*This dissertation is a compound document (contains both a paper copy and a CD as part of the dissertation). The CD requires the following system requirements: Adobe Acrobat.
Issues In Macroeconomics
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Author : Chedtha Intaravitak
language : en
Publisher:
Release Date : 2010
Issues In Macroeconomics written by Chedtha Intaravitak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Abstract: One active area of recent research in macroeconomics is the business cycle dynamics of the economy when agents are heterogenous and markets are incomplete. The literature has shown that standard results of the representative agents/complete market paradigm could profoundly change when we adopt a heterogenous-agents framework and agents cannot fully insure against risks. This volume is an attempt to contribute to this research program from both quantitative and computational perspectives. In particular, I provide a quantitative analysis of some welfare issues, explore the role of monetary policy in the long run, and examine the robustness of a main idea proposed in the literature. Computationally, the currently-used numerical algorithm has been modified to accommodate these extensive applications resulting in a faster routine that can be applied in much richer setups. The first chapter analyses the welfare consequences of eliminating the economic crisis in an economy with substantial agent heterogeneity. The model is calibrated to match the U.S. wealth distribution, employment features, and the size of the investment drop during the U.S. Great Depression. I find a small gain from eliminating the depression-style economic crisis. There are, however, large differences across different groups: very poor and unemployed consumers gain a lot, while richer and employed individuals gain less and sometimes lose from eliminating the economic crisis. The second chapter examines the validity of Sidrauski's (1967) money superneutrality result in this class of models. I show that the superneutrality result no longer holds in this case. Tobin's (1965) effect and heterogeneity in inflation tax account for the non-superneutrality of money. However, the effects of higher money growth rate on real variables are rather small. The change in money growth rate mostly gets reflected in an increase in the aggregate price level. The third chapter explores the robustness of the "approximate aggregation" insight proposed by Krusell and Smith (1998) in a much richer setting. The conclusion shows that approximate aggregation no longer holds. In an economy featuring a crisis state and two assets; capital and money, we can no longer adequately describe macroeconomic aggregates using only the first moment of the wealth distribution.