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  • 1
    Electronic Resource
    Electronic Resource
    Quasi-geometric discounting: A closed-form solution under the exponential utility function (2004)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 56 (2004), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper studies a discrete-time utility maximization problem of an infinitely-lived quasi-geometric consumer whose labour income is subject to uninsurable idiosyncratic productivity shocks. We restrict attention to a first-order Markov recursive solution. We show that under the assumption of the exponential utility function, the problem of the quasi-geometric consumer admits a closed-form solution.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8586.2004.00197.x
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  • 2
    Electronic Resource
    Electronic Resource
    Rich, Poor and Growth-Miracle Nations: Multiple Equilibria Revisited (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art20 
    Details
    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper presents a two-sector growth model of international trade that can account for the key features of the postwar world development experience. Two sectors represent traditional primitive production and modern sophisticated production. Due to increasing returns in the modern sector, the open-economy version of our model gives rise to three different equilibria: one in which the country produces only primitive goods and converges to a low-income steady state; another in which it produces both primitive and sophisticated goods and converges to the world-average steady state; and a third in which it specializes in the production of sophisticated goods and converges to a balanced growth path. We argue that the development experiences of poor, rich and growth-miracle countries are well described by these three equilibria.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/bejm/vol7/iss1/art20
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  • 3
    Electronic Resource
    Electronic Resource
    Income and Wealth Distributions Along the Business Cycle: Implications from the Neoclassical Growth Model (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in macroeconomics 5.2005, 1, art15 
    Details
    ISSN: 1534-5998
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper studies the business cycle dynamics of income and wealth distributions in the context of the neoclassical growth model where agents are heterogeneous in initial wealth and non-acquired skills. Our economy admits a representative consumer which enables us to characterize distributive dynamics by the evolution of aggregate quantities. We show that inequality in both wealth and income follow a countercyclical pattern: the former is countercyclical because labor income is more sensitive to the business cycle than capital income, while the latter is countercyclical due to the wealth-distribution effect. We find that the predictions of the model about the income distribution dynamics accord well with the U.S. data.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/bejm/topics/vol5/iss1/art15
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  • 4
    Electronic Resource
    Electronic Resource
    Short-Run Patience and Wealth Inequality (2007)
    Cambridge, Mass. : Berkeley Electronic Press (now: De Gruyter)
    Studies in nonlinear dynamics and econometrics 11.2007, 1, art4 
    Details
    ISSN: 1081-1826
    Source: Berkeley Electronic Press Academic Journals
    Topics: Mathematics , Economics
    Notes: The quasi-geometric (hyperbolic) literature typically assumes that agents are short-run impatient. In this paper, we deviate from this assumption by considering an economy in which a fraction of the population is short-run patient and the remaining population is short-run impatient. In a calibrated version of a neoclassical growth model with uninsurable risk and liquidity constraints, we find that the presence of few short-run patient and many short-run impatient agents leads to empirically plausible degrees of wealth inequality.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/snde/vol11/iss1/art4
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