| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14732 |
| DP14732 The Macroeconomics of Hedging Income Shares | |
| Adriana Grasso; Juan Passadore; Facundo Piguillem | |
| 发表日期 | 2020-05-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The recent debate about the falling labor share has brought the attention to the income shares' trends, but less attention has been devoted to their variability. In this paper, we analyze how their fluctuations can be insured between workers and capitalists, and the corresponding implications for financial markets. We study a neoclassical growth model with aggregate shocks that affect income shares and financial frictions that prevent firms from fully insuring idiosyncratic risk. We examine theoretically how aggregate risk sharing is distorted by the combination of idiosyncratic risk and moving shares. Accumulation of safe assets by firms and risky assets by households emerges naturally as a tool to insure income shares' risk. We calibrate the model to the U.S. economy and show that low rates, rising capital shares, and accumulation of safe assets by firms and risky assets by households can be rationalized by persistent shocks to the labor share. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Income shares fluctuation. risk sharing. asset prices. corporate savings glut |
| URL | https://cepr.org/publications/dp14732-0 |
| 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/543655 |
| 推荐引用方式 GB/T 7714 | Adriana Grasso,Juan Passadore,Facundo Piguillem. DP14732 The Macroeconomics of Hedging Income Shares. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
