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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. |
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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 | ||
w29704.pdf(325KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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