Robust Comparative Statics in Large Dynamic Economies

• 成果类型: Article
• 署名作者: Acemoglu, Daron; Jensen, Martin Kaae
• 署名单位: Massachusetts Institute of Technology (MIT); University of Leicester
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/680685
• 发表日期: 2015
• 页码: 587-640
• 关键词: large numbers; search equilibrium; GROWTH; games; LAW; unemployment; accumulation; management; EFFICIENCY; concavity

摘要

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.