【ECON201213】

宏观经济学研讨会

（总第118期）

【时间】2012年9月25日（周二）12：15－13：45

【地点】明主 0409 教室

【主讲】陈伟泽 中国人民大学经济学院

【主题】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】陈彦斌 教授

人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型（尤其是Bewley模型）并使用计算机模拟研究中国经济改革与发展的重大问题。

联系人：陈伟泽　　E_mail: sysu2006vc@126.com

更多讲座信息欢迎访问se.ruc.edu.cn，www.yanjiuyuan.com.cn

经济学院

中国经济改革与发展研究院