General Equilibrium in a Heterogeneous-Agent Incomplete-Market Economy with Many Consumption Goods and a Risk-Free Bond
Published Online:29 Mar 2023https://doi.org/10.1287/opre.2023.2442
References
- (2015) Robust comparative statics in large dynamic economies. J. Political Econom. 123(3):587–640.Crossref, Google Scholar
- (2018) On the existence and uniqueness of stationary equilibrium in Bewley economies with production. J. Econom Theory 173:18–55.Crossref, Google Scholar
- (1994) Uninsured idiosyncratic risk and aggregate saving. Quart. J. Econom. 109(3):659–684.Crossref, Google Scholar
- (2006) Infinite Dimensional Analysis: A Hitchhiker’s Guide (Springer, New York).Google Scholar
- (1990) Existence and Optimality of Competitive Equilibria (Springer Science & Business Media, New York).Crossref, Google Scholar
- (1971) Competitive Equilibrium Analysis (Holden-Day, San Francisco).Google Scholar
- (1951) An extension of the basic theorems of classical welfare economics. Proc. Second Berkeley Sympos. Math. Statist. Probab. (The Regents of the University of California, Berkeley, CA).Google Scholar
- (1959) On the stability of the competitive equilibrium, II. Econometrica 27(1):82–109.Crossref, Google Scholar
- (1954) Existence of an equilibrium for a competitive economy. Econometrica 22(3):265–290.Crossref, Google Scholar
- (1958) On the stability of the competitive equilibrium, I. Econometrica 26(4):522–552.Crossref, Google Scholar
- (2018) Inequality and aggregate demand. Working paper, Stanford University, Stanford, CA.Google Scholar
- (2018) Skewed wealth distributions: Theory and empirics. J. Econom. Literature 56(4):1261–1291.Google Scholar
- (2015) The wealth distribution in Bewley economies with capital income risk. J. Econom. Theory 159:489–515.Crossref, Google Scholar
- (1979) On the differentiability of the value function in dynamic models of economics. Econometrica 47(3):727–732.Crossref, Google Scholar
- (1978) Stochastic Optimal Control: The Discrete Time Case (Academic Press, New York).Google Scholar
- (1986) Stationary monetary equilibrium with a continuum of independently fluctuating consumers. Contributions to mathematical economics in honor of Gérard Debreu.Google Scholar
- (2008) Probability and Measure, 3rd ed. (John Wiley & Sons, Hoboken, NJ).Google Scholar
- (1965) Discounted dynamic programming. Ann. Math. Statist. 36(1):226–235.Crossref, Google Scholar
- (2006) If you’re so smart, why aren’t you rich? Belief selection in complete and incomplete markets. Econometrica 74(4):929–966.Crossref, Google Scholar
- (2017) Recursive equilibria in dynamic economies with stochastic production. Econometrica 85(5):1467–1499.Crossref, Google Scholar
- (2000) Optimal intertemporal consumption under uncertainty. Rev. Econom. Dynam. 3(3):365–395.Crossref, Google Scholar
- (2012) Constrained efficiency in the neoclassical growth model with uninsurable idiosyncratic shocks. Econometrica 80(6):2431–2467.Crossref, Google Scholar
- (2015) Quantitative models of wealth inequality: A survey. Working paper, University of Minnesota, Minneapolis.Google Scholar
- (1970) Economies with a finite set of equilibria. Econometrica 38(3):387–392.Crossref, Google Scholar
- (1982) Existence of competitive equilibrium. Arrow KJ, Intriligator MD, eds. Handbook of Mathematical Economics (Elsevier, Amsterdam), 697–743.Google Scholar
- (2020) Fatou’s Lemma in its classic form and Lebesgue’s convergence theorems for varying measures with applications to MDPs. Theory Probab. Its Appl. 65(2):270–291.Google Scholar
- (2018) Stochastic stability of monotone economies in regenerative environments. J. Econom. Theory 173:334–360.Crossref, Google Scholar
- (2014) Inflationary equilibrium in a stochastic economy with independent agents. J. Math. Econom. 52:1–11.Crossref, Google Scholar
- (2018) Uniqueness and stability of equilibrium in economies with two goods. J. Econom. Theory 174:261–272.Crossref, Google Scholar
- (2009) Quantitative macroeconomics with heterogeneous households. Annual Rev. Econom. 1:319–352.Crossref, Google Scholar
- (2014) Introduction to Equilibrium Analysis: Variations on Themes by Edgeworth and Walras (Elsevier, Amsterdam).Google Scholar
- (2019) Unique monetary equilibrium with inflation in a stationary Bewley–Aiyagari model. J. Econom. Theory 180:368–382.Crossref, Google Scholar
- (1993) The risk-free rate in heterogeneous agent incomplete insurance economies. J. Econom. Dynam. Control 17(5–6):953–969.Crossref, Google Scholar
- (2004) Precautionary wealth accumulation. Rev. Econom. Stud. 71(3):769–781.Crossref, Google Scholar
- (2017) Distributional comparative statics. Rev. Econom. Stud. 85(1):581–610.Crossref, Google Scholar
- (2003) Asset trading volume with dynamically complete markets and heterogeneous agents. J. Finance 58(5):2203–2217.Crossref, Google Scholar
- (2018) Monetary policy according to HANK. Amer. Econom. Rev. 108(3):697–743.Crossref, Google Scholar
- (1994) Construction of stationary Markov equilibria in a strategic market game. Math. Oper. Res. 19:975–1006.Link, Google Scholar
- (1998) Uniqueness and stability. Kirman A, ed. Elements of General Equilibrium Analysis (Basil Blackwell, Hoboken, NJ).Google Scholar
- (2010) When is market incompleteness irrelevant for the price of aggregate risk (and when is it not)? J. Econom. Theory 145(1):1–41.Crossref, Google Scholar
- (2010) Labour-market matching with precautionary savings and aggregate fluctuations. Rev. Econom. Stud. 77(4):1477–1507.Crossref, Google Scholar
- (2010a) Competitive equilibria in semi-algebraic economies. J. Econom. Theory 145(1):301–330.Crossref, Google Scholar
- (2010b) Tackling multiplicity of equilibria with Gröbner bases. Oper. Res. 58(4):1037–1050.Link, Google Scholar
- (2015) Life-cycle portfolio choice, the wealth distribution and asset prices. Working paper, University of Zurich, Zurich.Google Scholar
- (2007) Mean field games. Jpn. J. Math. 2:229–260.Crossref, Google Scholar
- (2014) Solving the income fluctuation problem with unbounded rewards. J. Econom. Dynam. Control. 45:353–365.Crossref, Google Scholar
- (2018) Precautionary saving in a Markovian earnings environment. Rev. Econom. Dynam. 29:138–147.Crossref, Google Scholar
- (2020) Uniqueness of equilibrium in a Bewley–Aiyagari model. Econom. Theory 69:435–450.Crossref, Google Scholar
- (2022) Mean field equilibrium: Uniqueness, existence, and comparative statics. Oper. Res. 70(1):585–605.Google Scholar
- (2012) Recursive Macroeconomic Theory (MIT Press, Cambridge, MA).Google Scholar
- (1980) Equilibrium in a pure currency economy. Econom. Inq. 18(2):203–220.Crossref, Google Scholar
- (2020) The income fluctuation problem and the evolution of wealth. J. Econom. Theory 187:105003.Crossref, Google Scholar
- (1991) On the uniqueness of equilibrium once again. Equilibrium Theory Appl. 12(6):275–296.Google Scholar
- (2006) Competitive equilibria of economies with a continuum of consumers and aggregate shocks. J. Econom. Theory 128(1):274–298.Crossref, Google Scholar
- (2002) Comparison Methods for Stochastic Models and Risks (Wiley, New York).Google Scholar
- (2018) Social optima in economies with heterogeneous agents. Rev. Econom. Dynam. 28:150–180.Crossref, Google Scholar
- (2018) Constrained efficiency in a human capital model. Amer. Econom. J. Macroeconom. 10(3):179–214.Crossref, Google Scholar
- (2018) Existence and Uniqueness of Recursive Equilibria With Aggregate and Idiosyncratic Risk. Working paper, University of Amsterdam, Amsterdam.Google Scholar
- (2002) When do borrowing constraints bind? Some new results on the income fluctuation problem. J. Econom. Dynam. Control 26(2):217–245.Crossref, Google Scholar
- (2004) General state space Markov chains and MCMC algorithms. Probab. Surv. 1:20–71.Crossref, Google Scholar
- (1977) Some results on “an income fluctuation problem”. J. Econom. Theory 16(2):151–166.Crossref, Google Scholar
- (1982) Convergence of Lebesgue integrals with varying measures. Sankhya Ser. A. 44(3):380–402.Google Scholar
- (2017) Existence of recursive constrained optima in the heterogeneous agent neoclassical growth model. Working paper, University of News South Wales, Sydney, Australia.Google Scholar
- (1989) Recursive Methods in Economic Dynamics (Harvard University Press, Cambridge, MA).Crossref, Google Scholar
- (2017) Huggett economies with multiple stationary equilibria. J. Econom. Dynam. Control 84:77–90.Crossref, Google Scholar
- (2017) Edgeworth box economies with multiple equilibria. Econom. Theory Bull. 5:65–80.Crossref, Google Scholar
- (1978) Minimizing a submodular function on a lattice. Oper. Res. 26(2):305–321.Link, Google Scholar
- (2008) Markov perfect industry dynamics with many firms. Econometrica 76(6):1375–1411.Crossref, Google Scholar
- (2020) Existence of stationary equilibrium in an incomplete-market model with endogenous labor supply. Internat. Econom. Rev. 61(3):1115–1138.Crossref, Google Scholar

