| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26032 |
| 来源ID | Working Paper 26032 |
| Imperfect Risk-Sharing and the Business Cycle | |
| David W. Berger; Luigi Bocola; Alessandro Dovis | |
| 发表日期 | 2019-07-08 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper studies the aggregate implications of imperfect risk-sharing implied by a class of New Keynesian models with idiosyncratic income risk and incomplete financial markets. The models in this class can be equivalently represented as an economy with a representative household that has state-dependent preferences. These preference “shocks” are functions of households’ consumption shares and relative wages in the original economy with heterogeneous agents, and they summarize all the information from the cross-section that is relevant for aggregate fluctuations. Our approach is to use this representation as a measurement device: we use the Consumption Expenditure Survey to measure the preference shocks, and feed them into the equivalent representative-agent economy to perform counterfactuals. We find that deviations from perfect risk-sharing were an important determinant of the behavior of aggregate demand during the US Great Recession. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w26032 |
| 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/583706 |
| 推荐引用方式 GB/T 7714 | David W. Berger,Luigi Bocola,Alessandro Dovis. Imperfect Risk-Sharing and the Business Cycle. 2019. |
| 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 | ||
| w26032.pdf（684KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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