Debt, deficits and finite horizons the stochastic case
"We introduce a solution technique for the study of discrete time stochastic models populated by long-lived agents. We introduce aggregate uncertainty and complete markets into a 'perpetual-youth' model of a kind first studied by Olivier Blanchard and we show that the pure-trade vers...
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| Weitere Verfasser: | , |
| Format: | UnknownFormat |
| Sprache: | eng |
| Veröffentlicht: |
Cambridge, Mass.
2009
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| Schriftenreihe: | NBER working paper series
15025 |
| Schlagworte: | |
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Tag hinzufügen | Zusammenfassung: | "We introduce a solution technique for the study of discrete time stochastic models populated by long-lived agents. We introduce aggregate uncertainty and complete markets into a 'perpetual-youth' model of a kind first studied by Olivier Blanchard and we show that the pure-trade version of the model behaves much like the two-period overlapping generations model. Our methods are easily generalized to economies with production and they should prove useful to researchers who seek a tractable stochastic model in which fiscal policy has real effects on aggregate allocations"--National Bureau of Economic Research web site |
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| Beschreibung: | Parallel als Online-Ausg. ersch |
| Beschreibung: | 19 S. graph. Darst. |