Does a heterogeneous agents version of a neoclassical model with labor}leisure choice replicate the distributions of consumption and working hours observed in the crosssectional data? Does incorporating heterogeneity enhance the aggregate performance of the representative agent model? We address the
โฆ LIBER โฆ
Friedman meets Becker and Mulligan in a monetary neoclassical growth model
โ Scribed by Been-Lon Chen; Yu-Shan Hsu; Chia-Hui Lu
- Publisher
- Springer Vienna
- Year
- 2011
- Tongue
- English
- Weight
- 425 KB
- Volume
- 104
- Category
- Article
- ISSN
- 1617-7134
No coin nor oath required. For personal study only.
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## Empirical and theoretical investigations of chaotic phenomena in a macroeconomic system are reported. Evidence of low-dimensional strange attractors is found in several empirical monetary aggregates. A continuous time deterministic model with delayed feedback is suggested to describe the mone