Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach
将Aiyagari-Bewley-Huggett收入与财富分配模型重新表述为连续时间形式，得到偏微分方程组，并据此提出新的理论结果（如穷人消费储蓄行为的解析刻画、两种收入类型下财富分布的闭式解）以及一种高效数值求解算法。
Abstract We recast the Aiyagari–Bewley–Huggett model of income and wealth distribution in continuous time. This workhorse model—as well as heterogeneous agent models more generally—then boils down to a system of partial differential equations, a fact we take advantage of to make two types of contributions. First, a number of new theoretical results: (1) an analytic characterization of the consumption and saving behaviour of the poor, particularly their marginal propensities to consume; (2) a closed-form solution for the wealth distribution in a special case with two income types; (3) a proof that there is a unique stationary equilibrium if the intertemporal elasticity of substitution is weakly greater than one. Second, we develop a simple, efficient and portable algorithm for numerically solving for equilibria in a wide class of heterogeneous agent models, including—but not limited to—the Aiyagari–Bewley–Huggett model.