RECURSIVE EQUILIBRIA IN DYNAMIC ECONOMIES WITH STOCHASTIC PRODUCTION
In this paper, we prove the existence of recursive equilibria in a dynamic stochastic model with infinitely lived heterogeneous agents, several commodities, and general inter- and intratemporal production. We illustrate the usefulness of our result by providing sufficient conditions for the existenc...
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Veröffentlicht in: | Econometrica 2017-09, Vol.85 (5), p.1467-1499 |
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Format: | Artikel |
Sprache: | eng |
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Online-Zugang: | Volltext |
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Zusammenfassung: | In this paper, we prove the existence of recursive equilibria in a dynamic stochastic model with infinitely lived heterogeneous agents, several commodities, and general inter- and intratemporal production. We illustrate the usefulness of our result by providing sufficient conditions for the existence of recursive equilibria in heterogeneous agent versions of both the Lucas asset pricing model and the neoclassical stochastic growth model. |
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ISSN: | 0012-9682 1468-0262 |
DOI: | 10.3982/ECTA13047 |