Incomplete Markets, Labor Supply and Capital Accumulation
Incomplete Markets, Labor Supply and Capital Accumulation
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不完全市场、劳动力供给与资本积累
DOI：
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发表时间：
2002
期刊：
影响因子：
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通讯作者：
P. Weil
中科院分区：
文献类型：
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作者：
A. Marcet;Francesc Obiols;P. Weil
内生劳动力供给决策引入了一个均衡模型的有限保险对特质冲击。与外源性分娩的标准情况不同（例如[Aiyagari，S.R.，1994.无保险的特殊风险和总储蓄。Quarterly Journal of Economics 109，659-684; Huggett，M.，1997.具有特质冲击的单部门增长模型：稳态与动态。Journal of Monetary Economics 39，385-403]），劳动力供给可能低于完全市场。这是由于财富对劳动力供给的事后影响（富有的生产者工作时间更少），这与预防性储蓄动机背道而驰。因此，在不完全市场下，均衡储蓄和产出可能较低。研究还发现，即使利率等于贴现因子的倒数，长期储蓄仍然是有限的。
Endogenous labor supply decisions are introduced in an equilibrium model of limited insurance against idiosyncratic shocks. Unlike in the standard case with exogenous labor (e.g. [Aiyagari, S.R., 1994. Uninsured idiosyncratic risk and aggregate saving. Quarterly Journal of Economics 109, 659–684; Huggett, M., 1997. The one-sector growth model with idiosyncratic shocks: steady states and dynamics. Journal of Monetary Economics 39, 385–403]), labor supply is likely to be lower than under complete markets. This is due to an ex post wealth effect on labor supply (rich productive agents work fewer hours) that runs counter the precautionary savings motive. As a result, equilibrium savings and output may be lower under incomplete markets. It is also found that long-run savings remain finite even when the interest rate equals the inverse of the discount factor.