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Essays on Heterogeneous Agent Macroeconomics.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Heterogeneous Agent Macroeconomics./
Author:	Chipeniuk, Karsten Owen.
Description:	1 online resource (204 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
Contained By:	Dissertation Abstracts International78-12A(E).
Subject:	Economics. -
Online resource:	click for full text (PQDT)
ISBN:	9780355102703

Essays on Heterogeneous Agent Macroeconomics.
Chipeniuk, Karsten Owen.

Essays on Heterogeneous Agent Macroeconomics. - 1 online resource (204 pages)

Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

I investigate the theoretical and numerical foundations of individual and aggregate household savings behavior in macro economies with idiosyncratic and aggregate risk and incomplete markets.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355102703Subjects--Topical Terms:

555568
Economics.
Index Terms--Genre/Form:

554714
Electronic books.

Essays on Heterogeneous Agent Macroeconomics.
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100 1 $a Chipeniuk, Karsten Owen. $3 1179218
245 1 0 $a Essays on Heterogeneous Agent Macroeconomics.
264 0 $c 2017
300 $a 1 online resource (204 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
500 $a Adviser: Todd Walker.
502 $a Thesis (Ph.D.) $c Indiana University $d 2017.
504 $a Includes bibliographical references
520 $a I investigate the theoretical and numerical foundations of individual and aggregate household savings behavior in macro economies with idiosyncratic and aggregate risk and incomplete markets.
520 $a A common approach to solve for general equilibrium in such economies is to model households as exhibiting bounded rationality with regards to their predictions for aggregates. Implementing this methodology with standard parameters in a baseline model I confirm that a first order approximation of savings behavior provides households with adequate aggregate predictions, whereas exotic parameters lead to second order fluctuations in aggregates.
520 $a To gain a deeper understanding of how savings aggregate, an analytic investigation of household savings shows that behavior can be decomposed into a linear permanent income component, which approximates the savings of wealthy households, and a convex monotonic nonlinear error which only becomes relevant to the behavior of poor households. When the latter contributes minimally to the sum of savings decisions across the entire distribution of households, as is the case for standard parameters, the economic aggregates behave approximately as if chosen by the representative permanent income household. Moreover, this approximate aggregation phenomenon is seen to be sensitive to household discounting and the quality of insurance mechanism available.
520 $a Combining an understanding of the nonlinear contribution to household savings with literature on the optimal linear approximation of convex functions, I show that the optimal discrete state space on which to approximate household savings in a simple incomplete markets model will asymptotically distribute grid points with decreasing density in the limit of increasing wealth. Furthermore, I demonstrate that optimal grid point density may be non-monotonic for poor and middle class households, and connect this observation with non-monotonic curvature in their savings functions. This result calls into question the standard approach of employing logarithmic and polynomial grids which exhibit decreasing density across the entire state space.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economics. $3 555568
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Indiana University. $b Economics. $3 1179085
773 0 $t Dissertation Abstracts International $g 78-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10599184 $z click for full text (PQDT)