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Replication data for: Can a Representative-Agent Model Represent a Heterogeneous-Agent Economy

Version
V0
Resource Type
Dataset
Creator
  • An, Sungbae
  • Chang, Yongsung
  • Kim, Sun-Bin
Publication Date
2008-12-30
Description
  • Abstract

    Accounting for observed fluctuations in aggregate employment, consumption, and real wage using the optimality conditions of a representative household requires preferences that are incompatible with economic priors. In order to reconcile theory with data, we construct a model with heterogeneous agents whose decisions are difficult to aggregate because of incomplete capital markets and the indivisible nature of labor supply. If we were to explain the model-generated aggregate time series using decisions of a stand-in household, such a household must have a nonconcave or unstable utility as is often found with the aggregate US data. (JEL E13, E24)
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.1.2.29 (Text)
Publications
  • An, Sungbae, Yongsung Chang, and Sun-Bin Kim. “Can a Representative-Agent Model Represent a Heterogeneous-Agent Economy.” American Economic Journal: Macroeconomics 1, no. 2 (June 2009): 29–54. https://doi.org/10.1257/mac.1.2.29.
    • ID: 10.1257/mac.1.2.29 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

An, Sungbae; Chang, Yongsung; Kim, Sun-Bin (2008): Replication data for: Can a Representative-Agent Model Represent a Heterogeneous-Agent Economy. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114046