| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10849 |
| DP10849 Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk | |
| Christian Bayer | |
| 发表日期 | 2015-09-27 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Households face large income uncertainty that varies substantially over the business cycle. We examine the macroeconomic consequences of these variations in a model with incomplete markets, liquid and illiquid assets, and a nominal rigidity. Heightened uncertainty depresses aggregate demand as households respond by hoarding liquid ``paper'' assets for precautionary motives, thereby reducing both illiquid physical investment and consumption demand. This translates into output losses, which a central bank can prevent by providing liquidity. We show that the welfare consequences of uncertainty shocks crucially depend on a household's asset position. Households with little human capital but high illiquid wealth lose the most from an uncertainty shock and gain the most from stabilization policy. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Incomplete markets Nominal rigidities Uncertain shocks |
| URL | https://cepr.org/publications/dp10849 |
| 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/539678 |
| 推荐引用方式 GB/T 7714 | Christian Bayer. DP10849 Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk. 2015. |
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