Maliar, Lilia; Maliar, Serguei - In: Canadian Journal of Economics 37 (2004) 3, pp. 768-781
We investigate the impact of preference shocks on the aggregate dynamics of the U.S. economy in the context of a neoclassical growth model derived from aggregation. The aggregation result we use is as follows: if markets are complete and if agents have identical preferences of the addilog type,...