Incomplete Markets, Heterogeneity and Macroeconomic Dynamics
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This paper solves a real business cycle model with heterogeneous agents and uninsurable income risk using perturbation methods. A second order accurate characterization of agent's optimal decision rules is given, which renders the implications of aggregation for macroeconomic dynamics transparent.
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美国国家经济研究局创建时间：
2007-07-01
