| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12994 |
| 来源ID | Working Paper 12994 |
| Risk Sharing in Private Information Models with Asset Accumulation: Explaining the Excess Smoothness of Consumption | |
| Orazio Attanasio; Nicola Pavoni | |
| 发表日期 | 2007-03-22 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We derive testable implications of model in which first best allocations are not achieved because of a moral hazard problem with hidden saving. We show that in this environment agents typically achieve more insurance than that obtained under autarchy via saving, and that consumption allocation gives rise to 'excess smoothness of consumption', as found and defined by Campbell and Deaton (1987). We argue that the evidence on excess smoothness is consistent with a violation of the simple intertemporal budget constraint considered in a Bewley economy (with a single asset) and use techniques proposed by Hansen et al. (1991) to test the intertemporal budget constraint. We also construct closed form examples where the excess smoothness parameter has a structural interpretation in terms of the severity of the moral hazard problem. Evidence from the UK on the dynamic properties of consumption and income in micro data is consistent with the implications of the model. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w12994 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570660 |
| 推荐引用方式 GB/T 7714 | Orazio Attanasio,Nicola Pavoni. Risk Sharing in Private Information Models with Asset Accumulation: Explaining the Excess Smoothness of Consumption. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12994.pdf（445KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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