- Heterogeneous Agents and Uninsurable Idiosyncratic Employment Shocks in a Linearized Dynamic General Equilibrium Model
- Journal of Money, Credit and Banking
- Volume | Issue number
- 38 | 3
- Pages (from-to)
- Document type
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
- This paper proposes an analytical solution method for a dynamic general equilibrium model with heterogeneous agents and uninsurable
idiosyncratic employment shocks. The solution method yields an approximate balanced growth path which depends on the unemployment
rate and the unemployment risk, but which is independent of the ever-changing wealth distribution.
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