Consumption and Labor Income Risk , Aggregation and Business Cycles
Consumption and Labor Income Risk , Aggregation and Business Cycles
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消费和劳动收入风险,聚合和商业周期
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发表时间：
2010
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通讯作者：
Jose Ignacio Lopez
中科院分区：
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作者：
Jose Ignacio Lopez
本文讨论了家庭异质性在一个模型中的作用，在该模型中，特殊消费和劳动收入风险表现为对代表代理人的时间内最优条件的扭曲。通过代表代理人模型的视角，对每个家庭未扭曲的劳动-休闲条件的聚集导致了消费和休闲之间的边际替代率(MRS)和劳动边际产品(MPL)之间的楔子。我使用家庭调查数据来评估这个聚合楔形的属性。我发现，这与在长期和商业周期的聚合数据中观察到的MRS和MPL之间的系统性偏差是一致的，即所谓的“劳动楔子”。此外，我还探讨了假设针对特殊冲击的不完全保险能力的模型的数量含义。我表明，家庭生产率分布和风险分担程度的周期性变化会导致聚合楔形的周期性变化，就像代表代理人面临更高的劳动税或在经济衰退期间懒惰一样。与基准RBC相比，该模型还显示了新的劳动力动态，因为个人生产率和财富分配导致了不同的劳动力供给弹性。
This paper discusses the role of household heterogeneity in a model in which idiosyncratic consumption and labor income risks manifest as a distortion to the intra-temporal optimal condition of the representative agent. Aggregation over the undistorted labor-leisure condition of each household leads to a wedge between the Marginal Rate of Substitution, between consumption and leisure, (MRS) and the Marginal Product of Labor (MPL), through the lens of the representative agent model. I use household survey data to assess the properties of this aggregation wedge. I find that it is consistent with the systematic deviation between the MRS and the MPL observed in aggregate data, the so-called "Labor Wedge", for both the long-run and the business cycles. Additionally, I explore the quantitative implications of the model assuming imperfect insurability against idiosyncratic shocks. I show that cyclical changes in the distribution of household productivity and in the degree of risk sharing lead to cyclical changes in the aggregation wedge, as if the representative agent faced higher labor taxes or was lazierduring recessions. The model also exhibits novel dynamics for labor, relative to the benchmark RBC, because of the various labor supply elasticities induced by the individual productivities and the wealth distribution.