| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16952 |
| DP16952 Idiosyncratic Income Risk and Aggregate Fluctuations | |
| Davide Debortoli; Jordi Gali | |
| 发表日期 | 2022-01-23 |
| 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 | Monetary Economics and Fluctuations |
| 关键词 | Heterogeneous agents Economic fluctuations Idiosyncratic shocks monetary policy Hank models |
| URL | https://cepr.org/publications/dp16952 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545892 |
| 推荐引用方式 GB/T 7714 | Davide Debortoli,Jordi Gali. DP16952 Idiosyncratic Income Risk and Aggregate Fluctuations. 2022. |
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