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DTSTAMP:20190719T085743Z
LOCATION:HG D 3.2
DTSTART;TZID=Europe/Stockholm:20190612T133000
DTEND;TZID=Europe/Stockholm:20190612T140000
UID:submissions.pasc-conference.org_PASC19_sess124_msa114@linklings.com
SUMMARY:Managing Inequality over the Business Cycles: Optimal Policies wit
 h Heterogeneous Agents and Aggregate Shocks
DESCRIPTION:Minisymposium\nEmerging Application Domains\n\nManaging Inequa
 lity over the Business Cycles: Optimal Policies with Heterogeneous Agents 
 and Aggregate Shocks\n\nRagot, Le Grand\n\nWe present a projection theory 
 on the space of idiosyncratic histories for heterogeneous-agents models. T
 his allows solving for optimal Ramsey policies in heterogeneous-agent mode
 ls with aggregate shocks, using a Lagrangian approach. In addition, it imp
 roves on current simulation methods using perturbation techniques, by usin
 g more steady-state information. We use this method to study the optimal l
 evel distorting tax on labor and unemployment insurance over the business 
 cycle in a production economy. In the quantitative exercise, the average o
 ptimal replacement rate is 10% higher than the one implies by a sufficient
 -statistics approach, due to saving distortions. Moreover, the optimal rep
 lacement rate is countercyclical.
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