Buy this book
"We investigate a neoclassical economy with heterogeneous agents, convex technologies and idiosyncratic production risk. Combined with precautionary savings, investment risk generates rich effects that do not arise in the presence of pure endowment risk. Under a finite horizon, multiple growth paths and endogenous fluctuations can exist even when agents are very patient. In infinite-horizon economies, multiple steady states may arise from the endogeneity of risktaking and interest rates instead of the usual wealth effects. Depending on the economy's parameters, the local dynamics around a steady state are locally unique, totally unstable or locally undetermined, and the equilibrium path can be attracted to a limit cycle. The model generates closed-form expressions for the equilibrium dynamics and easily extends to a variety of environments, including heterogeneous capital types and multiple sectors"--National Bureau of Economic Research web site.
Buy this book
Showing 1 featured edition. View all 1 editions?
Edition | Availability |
---|---|
1
Incomplete market dynamics in a neoclassical production economy
2004, National Bureau of Economic Research
Electronic resource
in English
|
aaaa
|
Book Details
Published in
Cambridge, MA
Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 1/4/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
Classifications
The Physical Object
ID Numbers
Community Reviews (0)
Feedback?December 13, 2020 | Edited by MARC Bot | import existing book |
December 5, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
December 10, 2009 | Created by WorkBot | add works page |