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Robust Comparative Statics in Large Dynamic Economies

Author(s)
Jensen, Martin Kaae; Acemoglu, K. Daron
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Abstract
We consider infinite-horizon economies populated by a continuum of agents subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett; models of entry, exit, and industry dynamics in the spirit of Hopenhayn’s work; and dynamic models of occupational choice and search models as special cases. Robust and easy-to-apply comparative statics results are established with respect to exogenous parameters as well as various kinds of changes in the Markov processes governing the law of motion of the idiosyncratic shocks.
Date issued
2015-06
URI
http://hdl.handle.net/1721.1/113904
Department
Massachusetts Institute of Technology. Department of Economics
Journal
Journal of Political Economy
Publisher
University of Chicago Press
Citation
Acemoglu, Daron, and Martin Kaae Jensen. “Robust Comparative Statics in Large Dynamic Economies.” Journal of Political Economy 123, no. 3 (June 2015): 587–640. © 2015 The University of Chicago
Version: Final published version
ISSN
0022-3808
1537-534X

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