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hal.structure.identifierLaboratoire Jacques-Louis Lions [LJLL (UMR_7598)]
dc.contributor.authorAchdou, Yves
hal.structure.identifierDepartment of Mathematics - Princeton University
dc.contributor.authorHan, Jiequn
hal.structure.identifierCEntre de REcherches en MAthématiques de la DEcision [CEREMADE]
dc.contributor.authorLasry, Jean-Michel
hal.structure.identifierCollège de France - Chaire Équations aux dérivées partielles et applications
dc.contributor.authorLions, Pierre Louis
hal.structure.identifierDepartment of Management - London School of Economics and Political Science [LSE]
dc.contributor.authorMoll, Benjamin
dc.date.accessioned2023-02-10T11:37:09Z
dc.date.available2023-02-10T11:37:09Z
dc.date.issued2022
dc.identifier.issn0034-6527
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/24006
dc.language.isoenen
dc.subject.ddc515en
dc.titleIncome and Wealth Distribution in Macroeconomics: A Continuous-Time Approachen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversitytrue
dc.description.abstractenWe recast the Aiyagari–Bewley–Huggett model of income and wealth distribution in continuous time. This workhorse model—as well as heterogeneous agent models more generally—then boils down to a system of partial differential equations, a fact we take advantage of to make two types of contributions. First, a number of new theoretical results: (1) an analytic characterization of the consumption and saving behaviour of the poor, particularly their marginal propensities to consume; (2) a closed-form solution for the wealth distribution in a special case with two income types; (3) a proof that there is a unique stationary equilibrium if the intertemporal elasticity of substitution is weakly greater than one. Second, we develop a simple, efficient and portable algorithm for numerically solving for equilibria in a wide class of heterogeneous agent models, including—but not limited to—the Aiyagari–Bewley–Huggett model.en
dc.relation.isversionofjnlnameThe Review of Economic Studies
dc.relation.isversionofjnlvol89en
dc.relation.isversionofjnlissue1en
dc.relation.isversionofjnldate2022-01
dc.relation.isversionofjnlpages45-86en
dc.relation.isversionofdoi10.1093/restud/rdab002en
dc.relation.isversionofjnlpublisherOxford University Pressen
dc.subject.ddclabelAnalyseen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidatenonen
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2023-02-10T11:30:48Z
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