| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5306 |
| DP5306 The Importance of Nontradeable Goods' Prices in Cyclical Real Exchange Rate Fluctuations | |
| Martin Eichenbaum; Sérgio Rebelo; Ariel Tomas Burstein | |
| 发表日期 | 2005-10-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper quantifies the macroeconomic implications of the lack of insurance against idiosyncratic labour market risk. I show that in a model economy calibrated to observed individual level data, households make ample use of work effort as a consumption smoothing mechanism. As a consequence, aggregate consumption is 0.6% lower, work effort is 18% higher and labour productivity is 12% lower than they would be in a complete markets setting. Not surprisingly, the welfare benefits of moving towards complete markets are very large. Accounting for the whole transition to the new complete markets steady state I find the welfare costs of market incompleteness above 16% of individual lifetime consumption. |
| 主题 | International Macroeconomics ; Labour Economics ; Public Economics |
| 关键词 | Incomplete markets Labour supply Precautionary savings |
| URL | https://cepr.org/publications/dp5306 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534178 |
| 推荐引用方式 GB/T 7714 | Martin Eichenbaum,Sérgio Rebelo,Ariel Tomas Burstein. DP5306 The Importance of Nontradeable Goods' Prices in Cyclical Real Exchange Rate Fluctuations. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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