English, Article, Journal or magazine article edition: A note on sunspots with heterogeneous agents Daniel R. Carroll; Eric R. Young

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Bookmark: http://trove.nla.gov.au/version/156725
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A note on sunspots with heterogeneous agents
Author
  • Daniel R. Carroll
  • Eric R. Young
Physical Description
  • preprint
Notes
  • This paper studies sunspot fluctuations in a model with heterogeneous households. We find that wealth inequality reduces the degree of increasing returns needed to produce indeterminacy, while wage inequality increases it. When the model is calibrated to match the joint distribution of hours, income, and wealth, the required degree of increasing returns to scale is still much too high to be supported empirically (although smaller than similar homogeneous agent economies). We also find that the model robustly predicts only one sunspot, despite having 1,262 predetermined state variables.
  • Wealth ; Wages
  • RePEc:fip:fedcwp:0906
Language
  • English
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