全球智库信息集成服务系统(G2TT): Idiosyncratic Income Risk and Aggregate Fluctuations

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29704
来源ID	Working Paper 29704
	Idiosyncratic Income Risk and Aggregate Fluctuations
	Davide Debortoli; Jordi Galí
发表日期	2022-01-31
出版年	2022
语种	英语
摘要	We study the role of idiosyncratic income shocks for aggregate fluctuations within a simple heterogeneous household framework with no binding borrowing constraints. We show that the presence of idiosyncratic income shocks affects the economy’s response to an aggregate shock in a way that can be captured by a consumption weighted average of the changes in uncertainty generated by the shock. We apply this framework to two example economies —an endowment economy and a New Keynesian economy— and show that under plausible calibrations the impact of idiosyncratic income shocks on aggregate fluctuations is quantitatively small, since most of the changes in uncertainty are concentrated among poorer (low consumption) households.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles
URL	https://www.nber.org/papers/w29704
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/587378
推荐引用方式 GB/T 7714	Davide Debortoli,Jordi Galí. Idiosyncratic Income Risk and Aggregate Fluctuations. 2022.