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GROWTH AND INEQUALITY: MODEL EVALUATION BASED ON AN ESTIMATION-CALIBRATION STRATEGY.
1University of Southern California.
Macroeconomic Dynamics
|May 8, 2010
Summary
This study examines household economic choices and wealth constraints in Thailand. It simulates growth models to understand income inequality and economic development, offering insights for future research.
Area of Science:
- Economics
- Development Economics
- Econometrics
Background:
- Household wealth significantly impacts economic choices, including investment and occupation.
- Incomplete markets and transaction costs create wealth-dependent constraints on economic participation.
Purpose of the Study:
- To evaluate two micro-founded models of economic growth with inequality.
- To estimate key economic parameters using Thai household data.
- To simulate and analyze the models' ability to explain observed income growth and inequality changes in Thailand.
Main Methods:
- Utilized the Thai Socio-Economic Survey (SES) for wealth distribution and household choice data.
- Estimated model parameters to best fit cross-sectional household data.
- Simulated two decades of economic activity using estimated parameters and initial wealth distribution.
Main Results:
- Both evaluated models captured significant aspects of Thailand's economic reality.
- Model simulations provided insights into the relationship between wealth, household choices, and economic growth.
- The study identified anomalies and comparisons between models for further research.
Conclusions:
- The micro-foundations of growth and inequality models require further refinement.
- Empirical estimation and simulation using household survey data are crucial for understanding economic dynamics.
- Comparative model analysis offers pathways for advancing research in development economics.
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