文章基本信息

标题：Matching and Saving in Continuous Time: Theory
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作者：Christian BAYER, Klaus WÄLDE
期刊名称：Discussion Paper / Département des Sciences Économiques de l'Université Catholique de Louvain
印刷版ISSN：1379-244X
出版年度：2010
卷号：1
出版社：Université catholique de Louvain
摘要：We analyse optimal saving of risk-averse households when labour income stochastically jumps between two states. The generalized Keynes-Ramsey rule includes a precautionary savings term. A phase diagram analysis illustrates consumption and wealth dynamics within and between states. There is an endogenous lower and upper limit for wealth. We derive the Fokker-Planck equations for the densities of individual wealth and employment status. These equations also characterize the aggregate distribution of wealth and allow us to describe general equilibrium. An optimal consumption path exists and distributions converge to a unique limiting distribution.
关键词：matching model, optimal saving, incomplete markets, Poisson uncertainty, Fokker-Planck equations, general equilibrium