search query: @author Ventura, J. / total: 6
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| Author: | Caselli, F. Ventura, J. |
| Title: | A representative consumer theory of distribution |
| Journal: | American Economic Review
2000 : SEP, VOL. 90:4, p. 909-926 |
| Index terms: | CONSUMERS THEORIES DISTRIBUTION |
| Language: | eng |
| Abstract: | This paper introduces various sources of consumer heterogeneity in one-sector representative consumer (RC) growth models and develops tools to study the evolution of the distribution of consumptions, assets and incomes. These tools are applied to the Ramsey-Cass-Koopman's model of optimal savings and the Arrow-Romer model of productive spillovers. The RC property per se places very few restrictions on the nature of observed distributions, and a wide range of distributive dynamics and income mobility patterns can arise as the equilibrium outcome. |
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