期刊名称：HIER Discussion Paper Series / Harvard Institute of Economic Research
出版年度：2005
卷号：2005
出版社：Harvard Institute of Economic Research
摘要：We investigate a neoclassical economy with heterogeneous agents, convex
technologies and idiosyncratic production risk. Combined with precautionary
savings, investment risk generates rich effects that do not arise in the
presence of pure endowment risk. Under a finite horizon, multiple growth paths
and endogenous fluctuations can exist even when agents are very patient. In
infinite-horizon economies, multiple steady states may arise from the
endogeneity of risk-taking and interest rates instead of the usual wealth
effects. Depending on the economy’s parameters, the local dynamics around a
steady state are locally unique, totally unstable or locally undetermined, and
the equilibrium path can be attracted to a limit cycle. The model generates
closed-form expressions for the equilibrium dynamics and easily extends to a
variety of environments, including heterogeneous capital types and multiple
sectors.
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