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| Author: | Krusell, P. Smith, A. Jr |
| Title: | Income and wealth heterogeneity in the macroeconomy |
| Journal: | Journal of Political Economy
1998 : OCT, VOL. 106:5, p. 867-896 |
| Index terms: | POLITICAL ECONOMY INCOMES WEALTH |
| Language: | eng |
| Abstract: | How do movements in the distribution of income and wealth affect the macroeconomy? The authors analyze this question using a calibrated version of the stochastic growth model with partially uninsurable idiosyncratic risk and movements in aggregate productivity. The main finding is that, in the stationary stochastic equilibrium, the behavior of the macroeconomic aggregates can be almost perfectly described using only the mean of the wealth distribution. |
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