Abstract

CERQUERA LOSADA, Oscar Hernán; MANRIQUE PARRA, Sergio  and  OVALLE DIAZ, Astrid Lorena. Theoretical analysis of heterogeneous agent models and covid-19. Civilizar [online]. 2021, vol.21, n.41, pp.2-14.  Epub Aug 17, 2022. ISSN 1657-8953.  https://doi.org/10.22518/jour.ccsh/2021.2a01.

The purpose of this paper is to conduct a theoretical analysis of the main heterogeneous agent models in the context of the current global covid-19 pandemic. The typical representative agent models used in macroeconomic policy analysis are no longer relevant, as empirical evidence has identified a large number of heterogeneous agents that respond more closely to reality. The analysis starts from Friedman's pioneering approaches to the consumption function, includes elements such as the liquidity constraints faced by individuals, refers to the HANK and TANK models applied to different contexts, and, finally, a theoretical approach to the analysis of the current pandemic situation in the framework of the models studied.

Keywords : Households; heterogeneous agents; liquidity; consumption; vulnerable..

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