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来源类型Working Paper
规范类型报告
DOI10.3386/w29704
来源IDWorking 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
URLhttps://www.nber.org/papers/w29704
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/587378
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Davide Debortoli,Jordi Galí. Idiosyncratic Income Risk and Aggregate Fluctuations. 2022.
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