A representative consumer theory of distribution

• 成果类型: Article
• 署名作者: Caselli, F; Ventura, J
• 署名单位: Harvard University; Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.90.4.909
• 发表日期: 2000
• 页码: 909-926
• 关键词: economic-growth; INEQUALITY; WEALTH

摘要

This paper introduces various sources of consumer heterogeneity in one-sector representative consumer (RC) growth models and develops tools to study the evolution of the distribution of consumptions, assets, and incomes. These tools are applied to the Ramsey-Cass-Koopmans model of optimal savings and the Arrow-Romer model of productive spillovers. The RC property per se places very few restrictions on the nature of observed distributions, and a wide range of distributive dynamics and income mobility patterns can arise as the equilibrium outcome. An example illustrates how to use these tools to generate quantitative predictions and compare them to the data. (JEL E13, O41).