【ECON201213】

宏觀經濟學研討會

（總第118期）

【時間】2012年9月25日（周二）12：15－13：45

【地點】明主 0409 教室

【主講】陳偉澤 中國人民大學經濟學院

【主題】Constrained Efficiency in the Neoclassical Growth Model with Uninsurable Idiosyncratic Shocks（written by Davila, Hong, Krusell, and Rios-Rull, Econometrica, forthcoming）
　 【摘要】We investigate the welfare properties of the one-sector neoclassical growth model with uninsurable idiosyncratic shocks. We focus on the notion of constrained efficiency used in the general equilibrium literature. Our characterization of constrained efficiency uses the first-order condition of a constrained planner’s problem. This condition highlights the margins of relevance for whether capital is too high or too low: the factor composition of income of the (consumption-) poor. Using three calibrations commonly considered in the literature, we illustrate that there can be either over- or under- accumulation of capital in steady state and that the constrained optimum may or may not be consistent with a non-degenerate long-run distribution of wealth. For the calibration that roughly matches the income and wealth distribution, the constrained inefficiency of the market outcome is rather striking: it has much too low a steady-state capital stock.　

【主持】陳彥斌 教授

人大宏觀經濟學研討會（Macro Workshop）旨在追蹤宏觀經濟學國際最新進展，倡導構建符合國情的動態優化模型（尤其是Bewley模型）并使用計算機模擬研究中國經濟改革與發展的重大問題。

聯系人：陳偉澤　　E_mail: sysu2006vc@126.com

更多講座信息歡迎訪問se.ruc.edu.cn，www.yanjiuyuan.com.cn

經濟學院

中國經濟改革與發展研究院