Type of Document	Dissertation
Author	Badshah, Muffasir H.
Author's Email Address	mhb05@fsu.edu
URN	etd-05072010-124708
Title	Analysis Of The Wealth Distribution At Equilibrium In A Heterogeneous Agent Economy
Degree	Doctor of Philosophy
Department	Statistics, Department of
Advisory Committee	Advisor Name Title Anuj Srivastava Committee Chair Paul Beaumont Committee Co-Chair Wei Wu Committee Member Alec Kercheval University Representative
Keywords	Markov Process The Perron-Frobenius Theorem Wealth Distributions Dynamic General Equilibrium Modeling
Date of Defense	2010-05-05
Availability	unrestricted
Abstract This paper aims at analyzing a macroeconomy 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.
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