Materials

The following form filters and update content in the table below.

  • Huang
  • Sun

Uninsured Idiosyncratic Risk and Aggregate Saving

Aiyagari (1994) Replication

  • REMARK
  • Notebook
  • Carroll

Alternative Combos Of Parameter Values

Alternative Combinations of Parameter Values of the cstwMPC model

  • DemARK
  • Demonstration
  • Assignment
  • Notebook
  • Lee
  • Park

Solving heterogeneous agent models in discrete time with many idiosyncratic states by perturbation methods

Code that solves models from the paper of Bayer and Luetikke, "Solving heterogeneous agent models in discrete time with many idiosyncratic states by perturbation methods".

  • REMARK
  • Reproduction
  • Acalin

Public Debt and Low Interest Rates

This notebook fully replicates the analysis of the stochastic overlapping generations (OLG) model developed by Blanchard in his presidential address during the AEA meetings 2019.

  • REMARK
  • Replication
  • Carroll
  • Yusuf
  • Son

Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis

This is a replication of Carroll (1997), Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis.

  • REMARK
  • Notebook
  • Carroll

Theoretical Foundations of Buffer Stock Saving: Problems

This adds some PhD student problems to the BufferStockTheory repo

  • REMARK
  • Carroll

BufferStockTheory

This paper builds foundations for rigorous and intuitive understanding of 'buffer stock' saving models (Bewley (1977)-like models with a wealth target), pairing each theoretical result with quantitative illustrations. After describing...

  • REMARK
  • Reproduction
  • Velásquez-Giraldo
  • Zahn

REMARK: Consumption and Portfolio Choice Over the Life Cycle

This REMARK is an attempt to reproduce the main results of Cocco, Gomes, & Maenhout (2005), 'Consumption and Portfolio Choice Over the Life Cycle' (https://academic.oup.com/rfs/article-abstract/18/2/491/1599892)

  • REMARK
  • Carroll

Change Liq Constr

What Happens To the Consumption Function When A Liquidity Constraint is Tightened?

  • DemARK
  • Demonstration
  • Notebook
  • Carroll

Chinese Growth

Do Precautionary Motives Explain China's High Saving Rate?

  • DemARK
  • Demonstration
  • Notebook
  • Carroll

ConsAggShockModel

ConsAggShockModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsGenIncProcessModel

ConsGenIncProcessModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsIndShock

ConsIndShock Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsLaborModel

ConsLaborModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsMarkovModel

ConsMarkovModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsMedModel

ConsMedModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsPortfolioModel

ConsPortfolioModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsPrefShockModel

ConsPrefShockModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsRepAgentModel

ConsRepAgentModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsRiskyContribModel

ConsRiskyContribModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

ConsSequentialPortfolioModel

ConsSequentialPortfolioModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll
  • Velásquez-Giraldo

DCEGM-Upper-Envelope

DCEGM Upper Envelope

  • DemARK
  • Demonstration
  • Notebook
  • Carroll

DiamondOLG

The Diamond OLG Model

  • DemARK
  • Demonstration
  • Notebook
  • Carroll
  • Slacalek
  • Kiichi
  • White

The distribution of wealth and the marginal propensity to consume

  • REMARK
  • Replication
  • Monninger

A Guide on Solving Non-convex Consumption-Saving Models

This REMARK replicates Druedahl, J. (2021). A guide on solving non-convex consumption-saving models.

  • REMARK
  • Notebook
  • Carroll

Endogenous Retirement: A Canonical Discrete-Continuous Problem

Endogenous Retirement - A Canonical Discrete-Continuous Problem. This REMARK demonstrates a solution to the difficult problem of solving for the optimal retirement date given that consumption and asset choices are...

  • REMARK
  • Reproduction
  • Carroll
  • Wang

Epidemiological Expectations in Economics

‘Epidemiological’ models of belief formation put social interactions at their core; such models are the main (almost, the only) tool used by non-economists to study the dynamics of beliefs in...

  • REMARK
  • Carroll

FisherTwoPeriod

The Fisher Two-Period Optimal Consumption Problem

  • DemARK
  • Demonstration
  • Teaching
  • Notebook
  • Ganong
  • Noel

Consumer Spending during Unemployment: Positive and Normative Implications

Analysis of Models for "Consumer Spending During Unemployment- Positive and Normative Implications"

  • REMARK
  • Replication
  • Carroll

Gentle-Intro-To-HARK-Buffer-Stock-Model

A Gentle Introduction to Buffer Stock Saving

  • DemARK
  • Demonstration
  • Tutorial
  • Teaching
  • Notebook
  • Carroll

Gentle-Intro-To-HARK-PerfForesightCRRA

A Gentle Introduction to HARK In Perfect Foresight

  • DemARK
  • Demonstration
  • Tutorial
  • Notebook
  • Carroll

Gentle-Intro-To-HARK

A Gentle Introduction to HARK for Economists

  • DemARK
  • Demonstration
  • Tutorial
  • Teaching
  • Notebook
  • Example
  • Carroll
  • Velásquez-Giraldo

Harmenberg-Aggregation

Demonstrates that the Harmenberg method speeds up calculations by as much as a factor of 100.

  • DemARK
  • Demonstration
  • Tutorial
  • Teaching
  • Notebook
  • Carroll

IncExpectationExample

The Persistent Shock Model and Income Expectations

  • DemARK
  • Demonstration
  • Notebook
  • Example
  • Carroll

IndShockConsumerType

IndShockConsumerType Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

KeynesFriedmanModigliani

Introduction: Keynes, Friedman, Modigliani

  • DemARK
  • Demonstration
  • Teaching
  • Notebook
  • Carroll

KinkedRconsumerType

KinkedRconsumerType Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

Income and Wealth Heterogeneity in the Macroeconomy

Income and wealth heterogeneity in the macroeconomy

  • REMARK
  • Notebook
  • Carroll

LC-Model-Expected-Vs-Realized-Income-Growth

This notebook examines the relationship between expected and actual income growth in a model with transitory and permanent shocks

  • DemARK
  • Demonstration
  • Notebook
  • Carroll

LifeCycleModelTheoryVsData

The Life Cycle Model: Theory vs Data

  • DemARK
  • Demonstration
  • Notebook
  • Carroll
  • Kimball
  • Holm

Liquidity Constraints and Precautionary Saving

We provide the analytical explanation of strong interactions between precautionary sav- ing and liquidity constraints that are regularly observed in numerical solutions to consump- tion/saving models. The effects of constraints...

  • REMARK
  • Reproduction
  • Carroll
  • Velásquez-Giraldo

Lucas-Asset-Pricing-Model

A demonstration of the Lucas Asset-Pricing model

  • DemARK
  • Demonstration
  • Teaching
  • Notebook
  • Carroll
  • Velásquez-Giraldo

Lucas-Asset-Pricing-Model

A demonstration of the Lucas Asset-Pricing model

  • DemARK
  • Demonstration
  • Teaching
  • Notebook
  • Carroll

MPC-Out-of-Credit-vs-MPC-Out-of-Income

The MPC out of Credit vs the MPC Out of Income

  • DemARK
  • Demonstration
  • Notebook
  • Carroll

Micro-and-Macro-Implications-of-Very-Impatient-HHs

Micro- and Macroeconomic Implications of Very Impatient Households

  • QuARK
  • Demonstration
  • Notebook
  • Teaching
  • Carroll

Micro-and-Macro-Implications-of-Very-Impatient-HHs

Micro- and Macroeconomic Implications of Very Impatient Households

  • DemARK
  • Demonstration
  • Notebook
  • Teaching
  • Carroll

Nondurables-During-Great-Recession

Spending on Nondurables During the Great Recession

  • DemARK
  • Demonstration
  • Notebook
  • Carroll
  • Crawley
  • Slacalek
  • White

Modeling the Consumption Response to the CARES Act

To predict the effects of the 2020 U.S. CARES Act on consumption, we extend a model that matches responses of households to past consumption stimulus packages. The extension allows us...

  • REMARK
  • Notebook
  • Carroll

PerfForesightCRRA-Approximation

Perfect Foresight CRRA Model - Approximation

  • DemARK
  • Demonstration
  • Teaching
  • Notebook
  • Carroll

PerfForesightCRRA-SavingRate

Perfect Foresight CRRA Model - Savings Rate

  • DemARK
  • Demonstration
  • Teaching
  • Notebook
  • Carroll

PerfForesightConsumerType

PerfForesightConsumerType Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Carroll

Optimal Financial Investment over the Life Cycle - Blog Post

A blog post (https://econ-ark.github.io/PortfolioChoiceBlogPost/PortfolioChoiceBlogPost.html) showcasing use of HARK to the portfolio choice allocation problem.

  • REMARK
  • Replication
  • Notebook
  • Blog
  • Velásquez-Giraldo

A Two-Asset Savings Model with an Income-Contribution Scheme

This paper develops a two-asset consumption-savings model and serves as the documentation of an open-source implementation of methods to solve and simulate it in the HARK toolkit. The model represents...

  • REMARK
  • Lujan

EGM$^n$: The Sequential Endogenous Grid Method

Heterogeneous agent models with multiple decisions are often solved using inefficient grid search methods that require many evaluations and are slow. This paper provides a novel method for solving such...

  • REMARK
  • Notebook
  • Carroll
  • Wang

Solution Methods for Microeconomic Dynamic Stochastic Optimization Problems

These notes describe tools for solving microeconomic dynamic stochastic optimization problems, and show how to use those tools for efficiently estimating a standard life cycle consumption/saving model using microeconomic data....

  • REMARK
  • Replication
  • Teaching
  • Tutorial
  • Carroll
  • White

Structural-Estimates-From-Empirical-MPCs-Fagereng-et-al

Making Structural Estimates From Empirical Results

  • DemARK
  • Demonstration
  • Notebook
  • Carroll

TractableBufferStock-Interactive

The Tractable Buffer Stock Model

  • DemARK
  • Demonstration
  • Teaching
  • Notebook
  • Carroll

TractableBufferStockModel

TractableBufferStockModel Documentation

  • Example
  • Demonstration
  • Documentation
  • Notebook
  • Teaching
  • Edwards
  • Carroll

Beyond the streetlight

This repository provides an analysis of the trend in forecast errors made by the Tealbook/Greenbook(GB) and the Survey of Professional Forecasters(SPF) for measures of the unemployment rate and real growth...

  • REMARK
  • Notebook
  • Carroll
  • Crawley
  • Slacalek
  • Kiichi
  • White

Sticky Expectations and Consumption Dynamics

Sticky Expectations and Consumption Dynamics.

  • REMARK
  • Reproduction
  • Carroll

Chinese Growth

Do Precautionary Motives Explain China's High Saving Rate?

  • DemARK
  • Demonstration
  • Notebook

cstwMPC-RHetero

  • REMARK
  • Replication
  • Carroll
  • Slacalek
  • Kiichi
  • White

DistributionOfWealthMPC

Replication codes for Carroll, C., Slacalek, J., Tokuoka, K., & White, M. N. (2017). The distribution of wealth and the marginal propensity to consume. Quantitative Economics, 8(3), 977-1020.

  • REMARK
  • Replication
  • Carroll

A Tractable Model of Buffer Stock Saving

Analytically tractable model of the effects of nonfinancial risk on intertemporal choice

  • REMARK
  • Replication
  • Maliar
  • Maliar
  • Winant

Deep learning for solving dynamic economic models

We introduce a unified deep learning method that solves dynamic economic models by casting them into nonlinear regression equations. We derive such equations for three fundamental objects of economic dynamics...

  • Holmes

My Research Tool Example

Replication of Paper X

  • REMARK
  • Notebook