Heterogeneity, Aggregate Uncertainty, and the Short-Term Interest Rate
分析异质性代理人模型中短期利率与代理人类型多样性的关系，发现类型数量对平均利率和消费波动影响很小，并展示如何用矩或百分位数近似财富分布来数值求解模型。
This article analyzes the relationship between the short-term interest rate and diversity (i.e., the number of types) in models with heterogeneous agents and incomplete markets. The number of types needed to approximate a continuum varies across examples. In all cases, however, the number of types has little effect on the average interest rate and consumption variability. In these models, the set of state variables is large because the equilibrium law of motion depends on the cross-sectional wealth distribution. The article shows how to solve these models numerically by approximating the distribution using moments or percentiles.