HARK.ConsumptionSaving.ConsRepAgentModel¶
This module contains models for solving representative agent macroeconomic models. This stands in contrast to all other model modules in HARK, which (unsurprisingly) take a heterogeneous agents approach. In RA models, all attributes are either time invariant or exist on a short cycle; models must be infinite horizon.

class
HARK.ConsumptionSaving.ConsRepAgentModel.
RepAgentConsumerType
(time_flow=True, **kwds)¶ A class for representing representative agents with inelastic labor supply.

class
HARK.ConsumptionSaving.ConsRepAgentModel.
RepAgentMarkovConsumerType
(time_flow=True, **kwds)¶ A class for representing representative agents with inelastic labor supply and a discrete MarkovState

getControls
()¶ Calculates consumption for the representative agent using the consumption functions.
Parameters: None – Returns: Return type: None


HARK.ConsumptionSaving.ConsRepAgentModel.
solveConsRepAgent
(solution_next, DiscFac, CRRA, IncomeDstn, CapShare, DeprFac, PermGroFac, aXtraGrid)¶ Solve one period of the simple representative agent consumptionsaving model.
Parameters:  solution_next (ConsumerSolution) – Solution to the next period’s problem (i.e. previous iteration).
 DiscFac (float) – Intertemporal discount factor for future utility.
 CRRA (float) – Coefficient of relative risk aversion.
 IncomeDstn ([np.array]) – A list containing three arrays of floats, representing a discrete approximation to the income process between the period being solved and the one immediately following (in solution_next). Order: event probabilities, permanent shocks, transitory shocks.
 CapShare (float) – Capital’s share of income in CobbDouglas production function.
 DeprFac (float) – Depreciation rate of capital.
 PermGroFac (float) – Expected permanent income growth factor at the end of this period.
 aXtraGrid (np.array) – Array of “extra” endofperiod asset values– assets above the absolute minimum acceptable level. In this model, the minimum acceptable level is always zero.
Returns: solution_now – Solution to this period’s problem (new iteration).
Return type:

HARK.ConsumptionSaving.ConsRepAgentModel.
solveConsRepAgentMarkov
(solution_next, MrkvArray, DiscFac, CRRA, IncomeDstn, CapShare, DeprFac, PermGroFac, aXtraGrid)¶ Solve one period of the simple representative agent consumptionsaving model. This version supports a discrete Markov process.
Parameters:  solution_next (ConsumerSolution) – Solution to the next period’s problem (i.e. previous iteration).
 MrkvArray (np.array) – Markov transition array between this period and next period.
 DiscFac (float) – Intertemporal discount factor for future utility.
 CRRA (float) – Coefficient of relative risk aversion.
 IncomeDstn ([[np.array]]) – A list of lists containing three arrays of floats, representing a discrete approximation to the income process between the period being solved and the one immediately following (in solution_next). Order: event probabilities, permanent shocks, transitory shocks.
 CapShare (float) – Capital’s share of income in CobbDouglas production function.
 DeprFac (float) – Depreciation rate of capital.
 PermGroFac ([float]) – Expected permanent income growth factor for each state we could be in next period.
 aXtraGrid (np.array) – Array of “extra” endofperiod asset values– assets above the absolute minimum acceptable level. In this model, the minimum acceptable level is always zero.
Returns: solution_now – Solution to this period’s problem (new iteration).
Return type: