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931期 10月16日 :Applying the Explicit Aggregation Algorithm to Heterogeneous Macro Models(Takeki Sunakawa, Associate Professor, Kobe University)

【主讲】Takeki Sunakawa (Associate Professor, Kobe University)

【主题】Applying the Explicit Aggregation Algorithm to Heterogeneous Macro Models

【时间】2018年10月16日 (周二) 15:30-17:00

【地点】上海财经大学经济学院楼702室

【语言】英文

【摘要】This paper applies the explicit aggregation (Xpa) algorithm developed by denHaan and Rendhal [2010. Solving the incomplete markets model with aggregate uncertainty using explicit aggregation. Journal of Economic Dynamics and Control, 69-78] to two workhorse heterogeneous-agent macro models: Heterogeneous-firm model of Khan and Thomas (2003;2008) and heterogeneous-household model of Krueger, Mitman and Perri (2016). The Xpa algorithm can solve heterogeneous-agent macro models without simulating the distribution of individual agents and therefore a magnitude faster than the standard Krusell-Smith algorithm. The simulation results are almost equivalent and comparably accurate between the Xpa algorithm and the Krusell-Smith algorithm.

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