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Essays on heterogeneity in macroeconomics / Hanbaek Lee.
- Format:
- Book
- Thesis/Dissertation
- Author/Creator:
- Lee, Hanbaek, author.
- Language:
- English
- Subjects (All):
- Economics--Penn dissertations.
- Penn dissertations--Economics.
- Local Subjects:
- Economics--Penn dissertations.
- Penn dissertations--Economics.
- Genre:
- Academic theses.
- Physical Description:
- 1 online resource (191 pages)
- Contained In:
- Dissertations Abstracts International 82-12A.
- Place of Publication:
- [Philadelphia, Pennsylvania] : University of Pennsylvania ; Ann Arbor : ProQuest Dissertations & Theses, 2021.
- Language Note:
- English
- System Details:
- Mode of access: World Wide Web.
- text file
- Summary:
- This dissertation is composed of three chapters. In the first two chapters, I study how micro-level heterogeneity affects aggregate fluctuations in an economy. The third chapter develops a novel computational method that solves the nonlinear dynamic stochastic general equilibrium with heterogeneous agents. In the first chapter, I study how heterogeneous firm-level lumpy investments affect the business cycle. I develop a heterogeneous-firm business cycle model where large firms' lumpy investments closely follow the empirical patterns. In the model, synchronized large-scale investments of large firms significantly amplify productivity-driven aggregate fluctuations and lead to investment cycles even in the absence of aggregate shocks. In the second chapter, I study how the pass-through businesses of top income earners affect the aggregate fluctuations in the U.S. economy. Using a heterogeneous-household real business cycle model with endogenous labor supply and occupational choice, I argue that the business-income-driven top income inequality has made the following changes in the productivity-driven aggregate fluctuations: 1) lower volatility of aggregate output and 2) stronger negative correlation between labor hour and productivity. In the third chapter, I develop and test a novel algorithm that solves heterogeneous-agent models with aggregate uncertainty. This method computes the nonlinear dynamic stochastic general equilibrium with a high degree of accuracy. And the computational gain compared to existing methods is significant when a non-trivial market-clearing condition is present in the model.
- Notes:
- Source: Dissertations Abstracts International, Volume: 82-12, Section: A.
- Advisors: Fernandez-Villaverde, Jesus; Krueger, Dirk; Committee members: Frank Schorfheide; Andrew Abel.
- Department: Economics.
- Ph.D. University of Pennsylvania 2021.
- Local Notes:
- School code: 0175
- ISBN:
- 9798738649295
- Access Restriction:
- Restricted for use by site license.
- This item must not be sold to any third party vendors.
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