A practical log‐linear aggregation method with examples: heterogeneous income growth in the USA
提出一种聚合异质性对数线性函数的实用方法，利用不平等指标构建精确的总体经济代表，并应用于卢卡斯供给函数、社会规划者时间不一致性及异质性增长模型，发现美国经济放缓比通常认为的更严重，新经济复苏并不如表面强劲。
Abstract A practical aggregation method for heterogeneous log‐linear functions is presented. Inequality measures are employed in the construction of a simple but exact aggregate representation of an economy. Three macroeconomic applications are discussed: the aggregation of the Lucas supply function, the time‐inconsistent behaviour of an egalitarian social planner facing heterogeneous discount rates, and the case of a simple heterogeneous growth model. In the latter application, aggregate CPS data is used to show that the slowdown that followed the first oil shock is worse than usually thought, and that the ‘new economy’ growth resurgence is not as strong as it appears. The reaction of one man could be forecast by no known mathematics; the reaction of a billion is something else again.— Foundation and Empire , Isaac Asimov (1952) Copyright © 2003 John Wiley & Sons, Ltd.