Stochastic Growth and Factor Income Risk

Stochastic Growth and Factor Income Risk
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随机增长和要素收入风险

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发表时间：
2009
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通讯作者：
Christiane Clemens
Christiane Clemens
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文献类型：
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作者：
Christiane Clemens

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摘要 本文研究了随机罗默内生增长模型的易处理版本中总要素收入风险的影响。劳动力供给是内生的。由于预防性动机，劳动收入风险的存在无疑会增加储蓄和增长。与帕累托有效配置相比，在竞争性经济的平衡增长路径上，家庭不仅积累不足，而且工作量也较少。本文还讨论了劳动力供给缺乏弹性的情况下的分配扰动。在这里，增长效应对于潜在冲击的经验上合理的相关性来说是负的。
Abstract This paper examines the effects of aggregate factor income risk in a tractable version of the stochastic Romer endogenous growth model. Labor supply is endogenous. The presence of labor income risk unambiguously increases savings and growth due to precautionary motives. Households not only underaccumulate but also work less along the balanced growth path of the competitive economy when compared with the Pareto-efficient allocation. The paper also discusses distributive disturbances for the case of inelastic labor supply. Here, growth effects are negative for empirically plausible correlations of the underlying shocks.