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DTSTART:20230326T010000
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DTSTART;TZID=Europe/Helsinki:20231120T121500
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SUMMARY:Elisabeth PROEHL (University of Amsterdam) "Existence and Uniqueness of Recursive Equilibria With Aggregate and Idiosyncratic Risk"
DESCRIPTION:Macro seminar\nTime : 12h15 – 13h30 \nDate : 20 Novembre 2023 \nSalle 3001 \nElisabeth PROEHL (University of Amsterdam) “Existence and Uniqueness of Recursive Equilibria With Aggregate and Idiosyncratic Risk” \nAbstract: In this paper\, I study the existence and uniqueness of recursive equilibria in economies with aggregate and idiosyncratic risk. Rather than relying on compactness to establish existence\, I exploit the monotonicity property of the equilibrium model and rely on arguments from convex analysis. This methodology does not only give rise to a convergent iterative procedure\, but more strikingly\, it also yields uniqueness. To illustrate my theoretical results\, I establish sufficient conditions for the existence and uniqueness of solutions to the stochastic growth model as in Krusell and Smith (1998) and the heterogeneous-agent exchange economy as in Huggett (1993) with aggregate risk. \nPablo WINANT (CREST) \n
URL:https://crest.science/event/elisabeth-proehl-university-of-amsterdam/
CATEGORIES:Macroeconomics,Seminars
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