- HETEROGENEITY IN CAPITAL AND SKILLS IN A NEOCLASSICAL STOCHASTIC GROWTH MODEL

Lilia Maliar and Serguei Maliar

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: Does a heterogeneous agents version of a neoclassical model with labor-leisure choice replicatethe distributions of consumption and working hours observed in the cross-sectional data? Doesincorporating heterogeneity enhance the aggregate performance of the representative agentmodel? We address these questions in a complete market model economy with two sources ofheterogeneity: initial endowments and non-acquired skills. We find positive answers to bothquestions.

Keywords: Neoclassical model; heterogeneous agents; aggregation; business cycle (search for similar items in EconPapers)
JEL-codes: E13 E32 (search for similar items in EconPapers)
Pages: 40 pages
Date: 1999-12
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Citations: View citations in EconPapers (4)

Published by Ivie

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http://www.ivie.es/downloads/docs/wpasad/wpasad-1999-21.pdf Fisrt version / Primera version, 1999 (application/pdf)

Related works:
Journal Article: Heterogeneity in capital and skills in a neoclassical stochastic growth model (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:1999-21

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