dc.contributor.author | Harmenberg, Karl | |
dc.date.accessioned | 2023-01-23T10:16:46Z | |
dc.date.available | 2023-01-23T10:16:46Z | |
dc.date.created | 2021-08-24T07:30:34Z | |
dc.date.issued | 2021 | |
dc.identifier.issn | 0165-1889 | |
dc.identifier.uri | https://hdl.handle.net/11250/3045242 | |
dc.description.abstract | I introduce a method for simulating aggregate dynamics of heterogeneous-agent models where log permanent income follows a random walk. The idea is to simulate the model using a counterfactual permanent-income-neutral measure which incorporates the effect that permanent income shocks have on macroeconomic aggregates. With the permanent-income-neutral measure, one does not need to keep track of the permanent-income distribution. The permanent-income-neutral measure is both useful for the analytical characterization of aggregate consumption-savings behavior and for simulating numerical models. Furthermore, it is trivial to implement with a few lines of code. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Elsevier | en_US |
dc.rights | Navngivelse 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by/4.0/deed.no | * |
dc.title | Aggregating Heterogeneous-Agent Models with Permanent Income Shocks | en_US |
dc.type | Journal article | en_US |
dc.type | Peer reviewed | en_US |
dc.description.version | publishedVersion | en_US |
dc.rights.holder | The Author | en_US |
dc.source.volume | 129 | en_US |
dc.source.journal | Journal of Economic Dynamics and Control | en_US |
dc.identifier.doi | 10.1016/j.jedc.2021.104185 | |
dc.identifier.cristin | 1928188 | |
cristin.ispublished | true | |
cristin.fulltext | original | |
cristin.qualitycode | 1 | |