Consumption, commitment, and cycles

• 成果类型: Article; Proceedings Paper
• 署名作者: Kocherlakota, NR
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(96)01258-5
• 发表日期: 1996
• 页码: 461-474
• 关键词: business cycles; consumption

摘要

This paper examines the properties of efficient allocations of risk in an economic environment in which the outside enforcement of risk-sharing arrangements is infinitely costly. Tn these allocations, unanticipated relative productivity movements have effects on both the current and future distribution of consumption across individuals. If preferences over consumption and leisure are nonhomothetic, these changes in the allocation of consumption will generate persistent cycles in aggregate output that do not occur in efficient allocations when enforcement is costless.