Can a Representative Agent Model Represent a Heterogeneous Agent Economy?
Accounting for observed fluctuations in aggregate employment, consumption, and real wage using the optimality conditions of a representative household requires preferences that are incompatible with economic priors. In order to reconcile theory with data, we construct a model with heterogeneous agen...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2008
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/543 https://ink.library.smu.edu.sg/context/soe_research/article/1542/viewcontent/CanaRepresentative_AgentModel.pdf |
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| Institution: | Singapore Management University |
| Language: | English |