The Aiyagari model with liquidity shoch

AUTOR(ES)
DATA DE PUBLICAÇÃO

24/06/2010

RESUMO

A version of the Aiyagari (1994) model with a liquidity shock is developed in this work. The model has Huggett (1993) and Aiyagari (1994) as particular cases, but the general one allows for two assets in the economy, a liquid and an illiquid one. Using two di erent assets implies in two returns clearing the market, so the computational strategy used by Aiyagari and Hugget does not work here. Therefore, Scarf's triangulation algorithm replaces it. Our computational experiment shows that the equilibrium return of the liquid asset is smaller than the return of the illiquid one. In addition, poor people carry relatively more of the liquid asset, which is a source of inequality that is not present in the Aiyagari's work.

ASSUNTO(S)

liquidez (economia) distribuição de renda

ACESSO AO ARTIGO

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