Human capital risk in life-cycle economies
成果类型：
Article
署名作者：
Singh, Aarti
署名单位：
University of Sydney
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.05.012
发表日期：
2010
页码：
729-738
关键词：
摘要：
The aggregate effects of market incompleteness are studied in a model where agents face idiosyncratic, uninsurable human capital investment risk. Using a life-cycle model with a version of a Ben-Porath (1967) human capital accumulation technology, stationary equilibria of calibrated cases are analyzed in which risk arises from specialization risk and career risk. With career risk only, stationary equilibria resemble those studied by Aiyagari (1994), and the impact of uninsurable idiosyncratic risk is relatively small. With a significant amount of specialization risk, however, stationary equilibria are severely distorted, with human capital about 57 percent as large as its complete markets counterpart. (C) 2010 Elsevier B.V. All rights reserved.
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