This paper aims at analyzing a macro economy with a continuum of infinitely-lived households that make rational decisions about consumption and wealth savings in the face of employment and aggregate productivity shocks. The heterogeneous population structure arises when households differ in wealth and employment status against which they cannot insure. In this framework, the household wealth evolution is modeled as a mixture Markov process. The stationary wealth distributions are obtained using eigen structures of transition matrices under the Perron-Frobenius theorem. This step is utilized repeatedly to find the equilibrium state of the system, and it leads to an efficient framework for studying the dynamic general equilibrium. A systematic evaluation of the equilibrium state under different initial conditions is further presented and analyzed. / A Dissertation submitted to the Department of Statistics in partial fulfillment of
the requirements for the degree of Doctor of Philosophy. / Degree Awarded: Summer Semester, 2010. / Date of Defense: April 28, 2010. / Markov Process, The Perron-Frobenius Theorem, Wealth Distributions, Dynamic General Equilibrium Modeling / Includes bibliographical references. / Anuj Srivastava, Professor Co-Directing Dissertation; Paul Beaumont, Professor Co-Directing Dissertation; Wei Wu, Committee Member; Alec Kercheval, Outside Committee Member.
| Identifer | oai:union.ndltd.org:fsu.edu/oai:fsu.digital.flvc.org:fsu_169025 |
| Contributors | Badshah, Muffasir H. (authoraut), Srivastava, Anuj (professor co-directing dissertation), Beaumont, Paul (professor co-directing dissertation), Wu, Wei (committee member), Kercheval, Alec (outside committee member), Department of Statistics (degree granting department), Florida State University (degree granting institution) |
| Publisher | Florida State University |
| Source Sets | Florida State University |
| Language | English, English |
| Detected Language | English |
| Type | Text, text |
| Format | 1 online resource, computer, application/pdf |
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