Dynamic Mirrlees Economy
Mostrando 1-2 de 2 artigos, teses e dissertações.
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1. The Private Memory of Aggregate Shocks
We study constrained efficient aggregate risk sharing and its consequence for the behavior of macro-aggregates in a dynamic Mirrlees’s (1971) setting. Privately observed idiosyncratic productivity shocks are assumed to be independent of i.i.d. publicly observed aggregate shocks. Yet, private allocations display memory with respect to past aggregate shocks,
Escola de Pós-Graduação em Economia da FGV. Publicado em: 10/07/2010
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2. The private memory of aggregate shocks
In economies characterized by both aggregate and privately observed idiosyn- cratic risks we show that constrained e¢cient allocations may display non-trivial dependence on aggregate shocks. Using two period versions of both a Atkeson and Lucas (1992) preference shock model and a dynamic Mirrlees (1971) economy we show that constrained optimal allocations h
Publicado em: 07/08/2009