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- Title
Computing Dynamic Heterogeneous-Agent Economies: Tracking the Distribution.
- Authors
Gordon, Grey
- Abstract
The article introduces a method for computing equilibrium in dynamic heterogeneous-agent economies by including an entire distribution if finite-dimensional or a fine approximation if it is infinite-dimensional, as a state variable. Topics covered include the capability of the model in accurately computing equilibrium, the feasibility of the model for an economy where households face occasionally binding constraints, and the application of Smolyak's algorithm presented in the paper.
- Subjects
ECONOMICS; ECONOMIC models; WEALTH; FEDERAL Reserve banks; INDUSTRIAL productivity
- Publication
Economic Quarterly (10697225), 2020, Vol 106, Issue 2, p61
- ISSN
1069-7225
- Publication type
Article
- DOI
10.21144/eq1060202