| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29009 |
| 来源ID | Working Paper 29009 |
| Welfare Costs of Idiosyncratic and Aggregate Consumption Shocks | |
| George M. Constantinides | |
| 发表日期 | 2021-07-12 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | I estimate welfare benefits of eliminating idiosyncratic consumption shocks unrelated to the business cycle as 47.3% of household utility and benefits of eliminating idiosyncratic shocks related to the business cycle as 3.4% of utility. Estimates of the former substantially exceed earlier ones because I distinguish between idiosyncratic shocks related/unrelated to the business cycle, estimate the negative skewness of shocks, target moments of idiosyncratic shocks from household-level CEX data, and target market moments. Benefits of eliminating aggregate shocks are 7.7% of utility. Policy should focus on insuring idiosyncratic shocks unrelated to the business cycle, such as the death of a household’s prime wage earner and job layoffs not necessarily related to recessions. |
| 主题 | Microeconomics ; Market Structure and Distribution ; General Equilibrium ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing ; Labor Economics ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w29009 |
| 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/586683 |
| 推荐引用方式 GB/T 7714 | George M. Constantinides. Welfare Costs of Idiosyncratic and Aggregate Consumption Shocks. 2021. |
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| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29009.pdf（350KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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