Neoclassical Growth with Long-Term One-Sided Commitment Contracts

该项目团队试图开发一种新的国民经济模式，在这种模式下，家庭可以签订复杂的金融合同，以解决保险方面的挑战。然而，这种保险的范围受到信息和合同执行问题的限制。其结果是一个比其他一般均衡宏观经济模型更现实的模型，一个足够简单的模型，可以研究宏观经济面临的各种各样的问题。特别是，该项目将为研究人员提供一个研究宏观经济绩效、金融中介和家庭不平等之间相互作用的新框架。研究人员和政策制定者将能够使用该框架来理解这种联系是如何受到经济政策的影响和宏观经济冲击的影响的。该小组计划包括对具体政府政策和这些政策如何提高经济竞争力的研究。该项目旨在开发一种具有特殊收入风险和内生金融合约的新的、可分析的一般均衡宏观经济模型。为此，厌恶风险的家庭与风险中性的竞争性金融中介机构之间的长期契约安排将被嵌入新古典增长模型的固定版本中。该项目结合了两个方面的文献。第一种是标准的不完全市场模型，具有不可保险的特殊收入冲击和新古典主义生产。第二个是研究小组之前对竞争性金融中介机构提供的动态保险合同的研究。新的模型框架有一个关键特征：相互保险的限制是内生的，而不是由假设强加的。由此产生的模型将被应用于由经济政策引起的过渡和商业周期的分析。该奖项反映了美国国家科学基金会的法定使命，并通过使用基金会的知识价值和更广泛的影响审查标准进行评估，被认为值得支持。

The project team seeks to develop a new model of an entire national economy in which households can sign sophisticated financial contracts to solve insurance challenges. However, the scope of that insurance is limited by information and contract enforcement problems. The result is a model that is more realistic than other general equilibrium macroeconomic models, and a model that is simple enough to study a wide variety of issues facing the macroeconomy. In particular, the project will give researchers a new framework for studying the interaction between macroeconomic performance, financial intermediation, and household inequality. Researchers and policymakers will be able to use the framework to understand how this link is shaped by economic policy and impacted by macroeconomic shocks. The team plans to include studies of specific government policies and the ways that these policies can improve economic competitiveness.The project seeks to develop a new, analytically tractable general equilibrium macroeconomic model with idiosyncratic income risk and endogenous financial contracts. To do so, long-term contractual arrangements between risk-averse households and risk-neutral competitive financial intermediaries will be embedded into a stationary version of the neoclassical growth model. The project combines two strands of the literature. The first is the standard incomplete markets model with uninsurable idiosyncratic income shocks and neoclassical production. The second is the researcher team's previous work on dynamic insurance contracts offered by competitive financial intermediaries. The new model framework has a key feature: limits to mutual insurance are derived endogenously rather than being imposed by assumption. The resulting model will then be applied to transitions induced by economic policy and to the analysis of business cycles.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.