Analysis of the wealth distribution at equilibrium in a heterogeneous agent economy
by Badshah, Muffasir, Ph.D., THE FLORIDA STATE UNIVERSITY, 2010, 68 pages; 3462377

Abstract:

This paper aims at analyzing a macroeconomy with a continuum of infinitely-lived households that make rational decisions about consumption and wealth savings in the face of employment and aggregate productivity shocks. The heterogeneous population structure arises when households differ in wealth and employment status against which they cannot insure. In this framework, the household wealth evolution is modeled as a mixture Markov process. The stationary wealth distributions are obtained using eigen structures of transition matrices under the Perron-Frobenius theorem. This step is utilized repeatedly to find the equilibrium state of the system, and it leads to an efficient framework for studying the dynamic general equilibrium. A systematic evaluation of the equilibrium state under different initial conditions is further presented and analyzed.

 
AdvisersAnuj Srivastava; Paul Beaumont
SchoolTHE FLORIDA STATE UNIVERSITY
SourceDAI/B 72-09, p. , Jul 2011
Source TypeDissertation
SubjectsStatistics; Economics
Publication Number3462377
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