Robust Comparative Statics in Large Dynamic Economies
We consider infinite-horizon economies populated by a continuum of agents subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett; models of entry, exit, and industry dynamics i...
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| Format: | Article |
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University of Chicago Press
2018
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| Online Access: | http://hdl.handle.net/1721.1/113904 https://orcid.org/0000-0003-0908-7491 |
| _version_ | 1811094929500274688 |
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| author | Jensen, Martin Kaae Acemoglu, K. Daron |
| author2 | Massachusetts Institute of Technology. Department of Economics |
| author_facet | Massachusetts Institute of Technology. Department of Economics Jensen, Martin Kaae Acemoglu, K. Daron |
| author_sort | Jensen, Martin Kaae |
| collection | MIT |
| description | We consider infinite-horizon economies populated by a continuum of agents subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett; models of entry, exit, and industry dynamics in the spirit of Hopenhayn’s work; and dynamic models of occupational choice and search models as special cases. Robust and easy-to-apply comparative statics results are established with respect to exogenous parameters as well as various kinds of changes in the Markov processes governing the law of motion of the idiosyncratic shocks. |
| first_indexed | 2024-09-23T16:07:46Z |
| format | Article |
| id | mit-1721.1/113904 |
| institution | Massachusetts Institute of Technology |
| last_indexed | 2024-09-23T16:07:46Z |
| publishDate | 2018 |
| publisher | University of Chicago Press |
| record_format | dspace |
| spelling | mit-1721.1/1139042022-09-29T18:26:03Z Robust Comparative Statics in Large Dynamic Economies Jensen, Martin Kaae Acemoglu, K. Daron Massachusetts Institute of Technology. Department of Economics Acemoglu, K. Daron We consider infinite-horizon economies populated by a continuum of agents subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett; models of entry, exit, and industry dynamics in the spirit of Hopenhayn’s work; and dynamic models of occupational choice and search models as special cases. Robust and easy-to-apply comparative statics results are established with respect to exogenous parameters as well as various kinds of changes in the Markov processes governing the law of motion of the idiosyncratic shocks. 2018-03-01T20:25:45Z 2018-03-01T20:25:45Z 2015-06 2018-02-12T20:21:44Z Article http://purl.org/eprint/type/JournalArticle 0022-3808 1537-534X http://hdl.handle.net/1721.1/113904 Acemoglu, Daron, and Martin Kaae Jensen. “Robust Comparative Statics in Large Dynamic Economies.” Journal of Political Economy 123, no. 3 (June 2015): 587–640. © 2015 The University of Chicago https://orcid.org/0000-0003-0908-7491 http://dx.doi.org/10.1086/680685 Journal of Political Economy Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. application/pdf University of Chicago Press University of Chicago Press |
| spellingShingle | Jensen, Martin Kaae Acemoglu, K. Daron Robust Comparative Statics in Large Dynamic Economies |
| title | Robust Comparative Statics in Large Dynamic Economies |
| title_full | Robust Comparative Statics in Large Dynamic Economies |
| title_fullStr | Robust Comparative Statics in Large Dynamic Economies |
| title_full_unstemmed | Robust Comparative Statics in Large Dynamic Economies |
| title_short | Robust Comparative Statics in Large Dynamic Economies |
| title_sort | robust comparative statics in large dynamic economies |
| url | http://hdl.handle.net/1721.1/113904 https://orcid.org/0000-0003-0908-7491 |
| work_keys_str_mv | AT jensenmartinkaae robustcomparativestaticsinlargedynamiceconomies AT acemoglukdaron robustcomparativestaticsinlargedynamiceconomies |