抄録
In this paper, a framework is devised to explore the implications of parameter heterogeneity in standard macro models. Instead of considering that a given characteristic of a population can be averaged out to form a single parameter value, it is assumed that, regarding the selected feature, the population spreads over a distribution, with individual agents occupying potentially different positions on it. Allowing for such a perspective opens the door for introducing intuitive parameter dynamics. As the distribution moves left or right, signaling an overall change in preferences or choices, the model’s variables will be impacted. The shifting distribution may lead to endogenous fluctuations on the trajectories of variables, under the form of periodic or a-periodic cycles. Two illustrations are set forth, for the standard Solow growth model and for a consumer’s problem of intertemporal preference. In these
two cases, the shifting distribution is attached, respectively, to the savings rate and to the rate of time preference.
