Análisis teórico de los modelos de agentes heterogéneos y el covid-19.

El propósito de este artículo es realizar un análisis teórico de los principales modelos de agentes heterogéneos en el contexto de la actual pandemia mundial de covid-19. Los típicos modelos de agente representativo usados en el análisis de política macroeconómica han dejado de ser relevantes, pues...

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Autores:
Cerquera Losada, Oscar Hernán
Manrique Parra, Sergio
Ovalle Díaz, Astrid Lorena
Tipo de recurso:
Article of investigation
Fecha de publicación:
2021
Institución:
Universidad Sergio Arboleda
Repositorio:
Repositorio U. Sergio Arboleda
Idioma:
spa
OAI Identifier:
oai:repository.usergioarboleda.edu.co:11232/1822
Acceso en línea:
http://hdl.handle.net/11232/1822
https://doi.org/10.22518/jour.ccsh/2021.1a06
https://revistas.usergioarboleda.edu.co/index.php/ccsh/article/view/analisis_teorico_modelos_agentes_heterogeneos_Covid-19/1724
Palabra clave:
Modelos económicos
Consumo (Economía) - Modelos econométricos
Covid 19 (Enfermedad) – Aspectos económicos
Comportamiento del consumidor - Aspectos económicos
Agentes (Economía
Economic models
Consumption (Economics) - Econometric model
COVID-19 (Disease) – Economic aspect
Consumer behavior - Economic aspect
Agents (Economics
hogares
agentes heterogéneos
liquidez
consumo
vulnerables
households
heterogeneous agents
liquidity
consumption
vulnerable
Rights
License
Atribución-NoComercial-SinDerivadas 2.5 Colombia (CC BY-NC-ND 2.5 CO)
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network_name_str Repositorio U. Sergio Arboleda
repository_id_str
dc.title.spa.fl_str_mv Análisis teórico de los modelos de agentes heterogéneos y el covid-19.
dc.title.translated.spa.fl_str_mv Theoretical analysis of heterogeneous agent models and covid-19.
title Análisis teórico de los modelos de agentes heterogéneos y el covid-19.
spellingShingle Análisis teórico de los modelos de agentes heterogéneos y el covid-19.
Modelos económicos
Consumo (Economía) - Modelos econométricos
Covid 19 (Enfermedad) – Aspectos económicos
Comportamiento del consumidor - Aspectos económicos
Agentes (Economía
Economic models
Consumption (Economics) - Econometric model
COVID-19 (Disease) – Economic aspect
Consumer behavior - Economic aspect
Agents (Economics
hogares
agentes heterogéneos
liquidez
consumo
vulnerables
households
heterogeneous agents
liquidity
consumption
vulnerable
title_short Análisis teórico de los modelos de agentes heterogéneos y el covid-19.
title_full Análisis teórico de los modelos de agentes heterogéneos y el covid-19.
title_fullStr Análisis teórico de los modelos de agentes heterogéneos y el covid-19.
title_full_unstemmed Análisis teórico de los modelos de agentes heterogéneos y el covid-19.
title_sort Análisis teórico de los modelos de agentes heterogéneos y el covid-19.
dc.creator.fl_str_mv Cerquera Losada, Oscar Hernán
Manrique Parra, Sergio
Ovalle Díaz, Astrid Lorena
dc.contributor.author.spa.fl_str_mv Cerquera Losada, Oscar Hernán
Manrique Parra, Sergio
Ovalle Díaz, Astrid Lorena
dc.subject.lemb.spa.fl_str_mv Modelos económicos
Consumo (Economía) - Modelos econométricos
Covid 19 (Enfermedad) – Aspectos económicos
Comportamiento del consumidor - Aspectos económicos
Agentes (Economía
topic Modelos económicos
Consumo (Economía) - Modelos econométricos
Covid 19 (Enfermedad) – Aspectos económicos
Comportamiento del consumidor - Aspectos económicos
Agentes (Economía
Economic models
Consumption (Economics) - Econometric model
COVID-19 (Disease) – Economic aspect
Consumer behavior - Economic aspect
Agents (Economics
hogares
agentes heterogéneos
liquidez
consumo
vulnerables
households
heterogeneous agents
liquidity
consumption
vulnerable
dc.subject.lemb.eng.fl_str_mv Economic models
Consumption (Economics) - Econometric model
COVID-19 (Disease) – Economic aspect
Consumer behavior - Economic aspect
Agents (Economics
dc.subject.proposal.spa.fl_str_mv hogares
agentes heterogéneos
liquidez
consumo
vulnerables
dc.subject.proposal.eng.fl_str_mv households
heterogeneous agents
liquidity
consumption
vulnerable
description El propósito de este artículo es realizar un análisis teórico de los principales modelos de agentes heterogéneos en el contexto de la actual pandemia mundial de covid-19. Los típicos modelos de agente representativo usados en el análisis de política macroeconómica han dejado de ser relevantes, pues la evidencia empírica ha mostrado que existe una gran cantidad de agentes heterogéneos que responden de maneras diversas en la realidad. Para el análisis se parte de los planteamientos pioneros de Friedman acerca de la función consumo, se incluyen elementos como las restricciones de liquidez que deben enfrentar los individuos, se referencian los modelos HANK y TANK aplicados a diferentes contextos y, finalmente, se realiza un acercamiento teórico al análisis de la situación actual de pandemia en el marco de los modelos estudiados.
publishDate 2021
dc.date.issued.spa.fl_str_mv 2021-12-23
dc.date.accessioned.spa.fl_str_mv 2022-07-08T15:48:09Z
dc.date.available.spa.fl_str_mv 2022-07-08T15:48:09Z
dc.date.spa.fl_str_mv 2021
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dc.type.local.spa.fl_str_mv Artículo de revista
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dc.identifier.citation.spa.fl_str_mv Cerquera Losada, O. H., Manrique Parra, S., y Ovalle Díaz, A. L. Análisis teórico de los modelos de agentes heterogéneos y el covid-19. Civilizar Ciencias Sociales y Humanas.21(41). https://doi.org/10.22518/jour.ccsh/2021.1a06
dc.identifier.issn.spa.fl_str_mv 1657-8953
2619-189X
dc.identifier.uri.eng.fl_str_mv http://hdl.handle.net/11232/1822
dc.identifier.doi.eng.fl_str_mv https://doi.org/10.22518/jour.ccsh/2021.1a06
dc.identifier.instname.spa.fl_str_mv instname:Universidad Sergio Arboleda
dc.identifier.reponame.spa.fl_str_mv reponame:Repositorio Institucional Universidad Sergio Arboleda
dc.identifier.repourl.eng.fl_str_mv repourl: https://repository.usergioarboleda.edu.co/
dc.identifier.url.spa.fl_str_mv https://revistas.usergioarboleda.edu.co/index.php/ccsh/article/view/analisis_teorico_modelos_agentes_heterogeneos_Covid-19/1724
identifier_str_mv Cerquera Losada, O. H., Manrique Parra, S., y Ovalle Díaz, A. L. Análisis teórico de los modelos de agentes heterogéneos y el covid-19. Civilizar Ciencias Sociales y Humanas.21(41). https://doi.org/10.22518/jour.ccsh/2021.1a06
1657-8953
2619-189X
instname:Universidad Sergio Arboleda
reponame:Repositorio Institucional Universidad Sergio Arboleda
repourl: https://repository.usergioarboleda.edu.co/
url http://hdl.handle.net/11232/1822
https://doi.org/10.22518/jour.ccsh/2021.1a06
https://revistas.usergioarboleda.edu.co/index.php/ccsh/article/view/analisis_teorico_modelos_agentes_heterogeneos_Covid-19/1724
dc.language.iso.spa.fl_str_mv spa
language spa
dc.relation.references.eng.fl_str_mv Auerbach, A. J., Gorodnichenko, Y. y Murphy, D. (2020). Fiscal policy and covid19 restrictions in a demand-determined economy. NBER Working Paper no. 27366. https://doi.org/10.3386/w27366
Baker, S. R. (2014). Debt and the consumption response to household income shocks. SSRN Research Paper no. 2541142 https://doi.org/10.2139/ssrn.2541142
Bayer, C., Born, B., Luetticke, R. y Müller, G. J. (2020). The coronavirus stimulus package: How large is the transfer multiplier? CEPR Discussion Papers no.14600. https://cepr.org/content/discussion-papers
Broda, C. y Parker, J. A. (2014). The economic stimulus payments of 2008 and the aggregate demand for consumption. Journal of Monetary Economics, 68, S20-S36. https://doi.org/10.1016/j.jmoneco.2014.09.002
Broer, T., Harbo, N.J., Krusell, P. y Öberg, E. (2020). The New Keynesian transmission mechanism: A heterogeneous-agent perspective. The Review of Economic Studies, 87(1), 77-101. https://doi.org/10.1093/restud/rdy060
Campbell, J.Y. y Mankiw, N.G. (1989). Consumption, income, and interest rates: Reinterpreting the time series evidence. NBER Macroeconomics Annual, 4, 185-216. https://doi.org/10.1086/654107
Campbell, J.Y. y Mankiw, N.G. (1990). Permanent income, current income, and consumption. Journal of Business & Economic Statistics, 8(3), 265-279. Campbell, J.Y. y Mankiw, N.G. (1990). Permanent income, current income, and consumption. Journal of Business & Economic Statistics, 8(3), 265-279. https://doi.org/10.1080/07350015.1990.10509798
Campbell, J.Y. y Mankiw, N. G.(1991). The response of consumption to income: a cross-country investigation. European Economic Review, 35(4), 723-756. https://doi.org/10.1016/0014-2921(91)90033-F https://doi.org/10.1016/0014-2921(91)90033-F
Cloyne, J. S. y Surico, P. (2017). Household debt and the dynamic effects of income tax changes. The Review of Economic Studies, 84(1), 45-81. https://doi.org/10.1093/restud/rdw021
Cox, N., Ganong, P., Noel, P., Vavra, J. S., Wong, A., Farrell, D. y Greig, F. (2020). Initial impacts of the pandemic on consumer behavior: Evidence from linked income, spending, and savings data. Brookings Papers on Economic Activity, 2020(2), 35-82 https://doi.org/10.1353/eca.2020.0006
Debortoli, D. y Galí, J. (2017). Monetary policy with heterogeneous agents: Insights from TANK models. Economics Working Papers no.1686
Elgin, C., Basbug, G. y Yalaman, A. (2020). Economic policy responses to a pandemic: Developing the covid-19 economic stimulus index. Covid Econom-ics, 1(3), 40-53
Friedman, M.(1957). A theory of the consumption function. Princeton University Press. https://doi.org/10.1515/9780691188485
Galiani, S., Heymann, D. y Tommasi, M. (2003). Great expectations and hard times: The Argentine Convertibility Plan. Economía, 3(2), 109-160. https://doi.org/10.1353/eco.2003.0005
Kaplan, G. y Violante, G. L. (2014). A model of the consumption response to fiscal stimulus payments. Econometrica, 82(4),1199-1239. https://doi.org/10.3982/ECTA10528
Kaplan, G., Moll, B. y Violante, G. L. (2018). Monetary policy according to HANK. American Economic Review,108(3), 697-743. https://doi.org/10.1257/aer.20160042
Kaplan, G., Violante, G L.y Weidner, J. (2014). The wealthy hand-to-mouth. NBER Working Paper no. 20073. https://doi.org/10.3386/w20073
Leijonhufvud, A.(1972). Effective Demand Failures. UCLA Economics Working Papers 027, UCLA Department of Economics. https://ideas.repec.org/p/cla/uclawp/027.html
Misra, K. y Surico, P. (2013). Consumption, income changes and heterogeneity: Evidence from two fiscal stimulus programmes. American Economic Journal: Macroeconomics, 6(4), 84-106. https://doi.org/10.1257/mac.6.4.84
Parker, J. A. (1999). The reaction of household consumption to predictable changes in social security taxes. American Economic Review, 89(4), 959-973. https://doi.org/10.1257/aer.89.4.959
Parker, J. A., Souleles, N.S., Johnson, D. S. y McClelland, R. (2013). Consumer spending and the economic stimulus payments of 2008. American Economic Review,103(6), 2530-53. https://doi.org/10.1257/aer.103.6.2530
Pontes, G. (2021). Distributives and output effects of in come transfer after the covid-19 pandemic shock [tesis de maestría]. Insper, São Paulo. https://repositorio.insper.edu.br/handle/11224/2842
Shapiro, M. D.y Slemrod, J. B. (2003a). Consumer response to tax rebates. American Economic Review, 93(1), 381-396. https://doi.org/10.1257/000282803321455368
Shapiro, M. D. y Slemrod, J. B. (2003b). Did the 2001 tax rebate stimulate spending? Evidence from taxpayer surveys. Tax Policy and the Economy, 17, 83-109. https://doi.org/10.1086/tpe.17.20140505
Shapiro, M. D. y Slemrod, J. B. (2009). Did the 2008 tax rebates stimulate spending? American Economic Review, 99(2), 374-79. https://doi.org/10.1257/aer.99.2.374
Souleles, N. S. (1999). The response of household consumption to income tax refunds. American Economic Review, 89(4), 947-958. https://doi.org/10.1257/aer.89.4.947
Werning, I. (2015). Incomplete markets and aggregate demand. NBER Working Paper no. 21448. https://doi.org/10.3386/w21448
Woodford, M. (2003). Interest and prices: Foundations of a theory of monetary policy. Princeton University Press.
Yogo, M. (2004). Estimating the intertemporal elasticity of substitution when instruments are weak. The Review of Economics and Statistics, 86(3), 797-810. https://doi.org/10.1162/0034653041811770
dc.relation.references.spa.fl_str_mv Blanchard, O., Amighini, A. y Giavazzi, F. (2012). Macroeconomía. Pearson Educación
Cepal (2021). El impacto social de la pandemia en Amé-rica Latina. Claves de la Cepal para el desarrollon, n.º 8: Panorama Social de América Latina 2020. https://repositorio.cepal.org/handle/11362/46740
Chetty, R., Friedman, J. N., Hendren, N. y Stepner, M. (2020). How did covid-19 and stabilization policies affect spending and employment? A new real-time economic tracker based on private sector data. NBER Working Paper no. 27431. https://www.nber.org/papers/w27431
Heymann, D. y Kawamura, E. (2009). Sobre el rol de las políticas fiscales y financieras en las fluctuaciones macroeconómicas. Económica, 55, 45-97.
Jappelli, T. y Pistaferri, L. (2010). The consumption response to income changes. AnnualReview of Economics, 2, 479-506. https://doi.org/10.1146/annurev.economics.050708.142933
Johnson, D. S., Parker, J. A. y Souleles, N. S. (2006). Household expenditure and the income tax rebates of 2001. American Economic Review, 96(5), 1589-1610. https://doi.org/10.1257/aer.96.5.1589
Kaplan, G., Moll, B. y Violante, G. L. (2020). The great lockdown and the big stimulus: Tracing the pandemic possibility frontier for the U.S.NBER Working Paper no. 27794. https://doi.org/10.3386/w27794
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spelling Atribución-NoComercial-SinDerivadas 2.5 Colombia (CC BY-NC-ND 2.5 CO)https://repository.usergioarboleda.edu.co/bitstream/id/830ab816-2c1f-474b-a498-2eec91b1a574/license.txthttp://creativecommons.org/licenses/by-nc-nd/2.5/co/http://purl.org/coar/access_right/c_abf2Cerquera Losada, Oscar HernánManrique Parra, SergioOvalle Díaz, Astrid Lorena20212022-07-08T15:48:09Z2022-07-08T15:48:09Z2021-12-23Cerquera Losada, O. H., Manrique Parra, S., y Ovalle Díaz, A. L. Análisis teórico de los modelos de agentes heterogéneos y el covid-19. Civilizar Ciencias Sociales y Humanas.21(41). https://doi.org/10.22518/jour.ccsh/2021.1a061657-89532619-189Xhttp://hdl.handle.net/11232/1822https://doi.org/10.22518/jour.ccsh/2021.1a06instname:Universidad Sergio Arboledareponame:Repositorio Institucional Universidad Sergio Arboledarepourl: https://repository.usergioarboleda.edu.co/https://revistas.usergioarboleda.edu.co/index.php/ccsh/article/view/analisis_teorico_modelos_agentes_heterogeneos_Covid-19/1724El propósito de este artículo es realizar un análisis teórico de los principales modelos de agentes heterogéneos en el contexto de la actual pandemia mundial de covid-19. Los típicos modelos de agente representativo usados en el análisis de política macroeconómica han dejado de ser relevantes, pues la evidencia empírica ha mostrado que existe una gran cantidad de agentes heterogéneos que responden de maneras diversas en la realidad. Para el análisis se parte de los planteamientos pioneros de Friedman acerca de la función consumo, se incluyen elementos como las restricciones de liquidez que deben enfrentar los individuos, se referencian los modelos HANK y TANK aplicados a diferentes contextos y, finalmente, se realiza un acercamiento teórico al análisis de la situación actual de pandemia en el marco de los modelos estudiados.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.14Digitalapplication/pdfspaUniversidad Sergio ArboledaUniversidad Sergio ArboledaAnálisis teórico de los modelos de agentes heterogéneos y el covid-19.Theoretical analysis of heterogeneous agent models and covid-19.Modelos económicosConsumo (Economía) - Modelos econométricosCovid 19 (Enfermedad) – Aspectos económicosComportamiento del consumidor - Aspectos económicosAgentes (EconomíaEconomic modelsConsumption (Economics) - Econometric modelCOVID-19 (Disease) – Economic aspectConsumer behavior - Economic aspectAgents (Economicshogaresagentes heterogéneosliquidezconsumovulnerableshouseholdsheterogeneous agentsliquidityconsumptionvulnerablehttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_2df8fbb1https://purl.org/redcol/resource_type/ARTArtículo de revistaAuerbach, A. J., Gorodnichenko, Y. y Murphy, D. (2020). Fiscal policy and covid19 restrictions in a demand-determined economy. NBER Working Paper no. 27366. https://doi.org/10.3386/w27366Baker, S. R. (2014). Debt and the consumption response to household income shocks. SSRN Research Paper no. 2541142 https://doi.org/10.2139/ssrn.2541142Bayer, C., Born, B., Luetticke, R. y Müller, G. J. (2020). The coronavirus stimulus package: How large is the transfer multiplier? CEPR Discussion Papers no.14600. https://cepr.org/content/discussion-papersBroda, C. y Parker, J. A. (2014). The economic stimulus payments of 2008 and the aggregate demand for consumption. Journal of Monetary Economics, 68, S20-S36. https://doi.org/10.1016/j.jmoneco.2014.09.002Broer, T., Harbo, N.J., Krusell, P. y Öberg, E. (2020). The New Keynesian transmission mechanism: A heterogeneous-agent perspective. The Review of Economic Studies, 87(1), 77-101. https://doi.org/10.1093/restud/rdy060Campbell, J.Y. y Mankiw, N.G. (1989). Consumption, income, and interest rates: Reinterpreting the time series evidence. NBER Macroeconomics Annual, 4, 185-216. https://doi.org/10.1086/654107Campbell, J.Y. y Mankiw, N.G. (1990). Permanent income, current income, and consumption. Journal of Business & Economic Statistics, 8(3), 265-279. Campbell, J.Y. y Mankiw, N.G. (1990). Permanent income, current income, and consumption. Journal of Business & Economic Statistics, 8(3), 265-279. https://doi.org/10.1080/07350015.1990.10509798Campbell, J.Y. y Mankiw, N. G.(1991). The response of consumption to income: a cross-country investigation. European Economic Review, 35(4), 723-756. https://doi.org/10.1016/0014-2921(91)90033-F https://doi.org/10.1016/0014-2921(91)90033-FCloyne, J. S. y Surico, P. (2017). Household debt and the dynamic effects of income tax changes. The Review of Economic Studies, 84(1), 45-81. https://doi.org/10.1093/restud/rdw021Cox, N., Ganong, P., Noel, P., Vavra, J. S., Wong, A., Farrell, D. y Greig, F. (2020). Initial impacts of the pandemic on consumer behavior: Evidence from linked income, spending, and savings data. Brookings Papers on Economic Activity, 2020(2), 35-82 https://doi.org/10.1353/eca.2020.0006Debortoli, D. y Galí, J. (2017). Monetary policy with heterogeneous agents: Insights from TANK models. Economics Working Papers no.1686Elgin, C., Basbug, G. y Yalaman, A. (2020). Economic policy responses to a pandemic: Developing the covid-19 economic stimulus index. Covid Econom-ics, 1(3), 40-53Friedman, M.(1957). A theory of the consumption function. Princeton University Press. https://doi.org/10.1515/9780691188485Galiani, S., Heymann, D. y Tommasi, M. (2003). Great expectations and hard times: The Argentine Convertibility Plan. Economía, 3(2), 109-160. https://doi.org/10.1353/eco.2003.0005Kaplan, G. y Violante, G. L. (2014). A model of the consumption response to fiscal stimulus payments. Econometrica, 82(4),1199-1239. https://doi.org/10.3982/ECTA10528Kaplan, G., Moll, B. y Violante, G. L. (2018). Monetary policy according to HANK. American Economic Review,108(3), 697-743. https://doi.org/10.1257/aer.20160042Kaplan, G., Violante, G L.y Weidner, J. (2014). The wealthy hand-to-mouth. NBER Working Paper no. 20073. https://doi.org/10.3386/w20073Leijonhufvud, A.(1972). Effective Demand Failures. UCLA Economics Working Papers 027, UCLA Department of Economics. https://ideas.repec.org/p/cla/uclawp/027.htmlMisra, K. y Surico, P. (2013). Consumption, income changes and heterogeneity: Evidence from two fiscal stimulus programmes. American Economic Journal: Macroeconomics, 6(4), 84-106. https://doi.org/10.1257/mac.6.4.84Parker, J. A. (1999). The reaction of household consumption to predictable changes in social security taxes. American Economic Review, 89(4), 959-973. https://doi.org/10.1257/aer.89.4.959Parker, J. A., Souleles, N.S., Johnson, D. S. y McClelland, R. (2013). 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The great lockdown and the big stimulus: Tracing the pandemic possibility frontier for the U.S.NBER Working Paper no. 27794. https://doi.org/10.3386/w27794Revista Civilizar Ciencias Sociales y Humanas2141113ORIGINALAnalisis teorico de los modelos de agentes hetereogeneos y el Covid19.htmlAnalisis teorico de los modelos de agentes hetereogeneos y el Covid19.htmlartículotext/html286https://repository.usergioarboleda.edu.co/bitstream/11232/1822/5/Analisis%20teorico%20de%20los%20modelos%20de%20agentes%20hetereogeneos%20y%20el%20Covid19.htmld481986f7764546cefa27e4a8ad4b0b8MD55open accessLICENSElicense.txtlicense.txttext/plain; charset=utf-81180https://repository.usergioarboleda.edu.co/bitstream/11232/1822/2/license.txt08af4d860568f825b35a06c69dc734dcMD52open access11232/1822oai:repository.usergioarboleda.edu.co:11232/18222022-11-09 18:08:39.296open accessRepositorio Institucional Universidad Sergio Arboledadspace-help@myu.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