Bewley Funeral Home Aledo Il. steady states transitional dynamics / impulse responses of the &l

steady states transitional dynamics / impulse responses of the “standard incomplete markets” model (aka Bewley-Huggett-Aiyagari-Imrohoroglu-Zeldes-Deaton-Carroll model) This will be the backbone of everything we do For the most part, this is automated in the SSJ toolkit, but it’s still good to know what’s going on under the hood y. This Section presents theoretical results about our continuous-time version of the Aiyagari-Bewley-Huggett model, including the four new results emphasized in the introduction. Here, a general equilibnum model is used. In Bewley models, agents are ex ante identical. Problem: Binding borrowing constraint! Discretization of a0(a; "). We prove a conjecture that is essentially due to Bewley [1980, 1983]. Incomplete markets prevents sharing these risks. Bewley Models For many applications we need models with heterogeneous agents. To answer this question we develop a dynamic general equilibrium model with heteroge-neous financial intermediaries, incomplete markets, and aggregate uncertainty. Monetary spot trading is nearly effi-cient when there is only a single perishable good (or a composite commodity) at each date and state of the world; random shocks are idiosyncratic, privately observed, Traditionally: NFXP. In this paper, I develop the theme that in the short run consumers may be expected to act as if their marginal utilities of money were constant. . They are ex post heterogeneous because they are hit by idiosyncratic shocks. This idea was expressed in a previous paper [Bewley (1977)] in terms of a model with one consumer. Bewley Models For many applications we need models with heterogeneous agents.

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