Precautionary Saving Over the Business Cycle

• 成果类型: Article
• 署名作者: Challe, Edouard; Ragot, Xavier
• 署名单位: Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; European Central Bank; Bank of France; Paris School of Economics
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12189
• 发表日期: 2016
• 页码: 135-164
• 关键词: unemployment-insurance; labor-market; consumption; equilibrium; income; MODEL; EMPLOYMENT; liquidity; WEALTH; POLICY

摘要

We study the macroeconomic implications of time-varying precautionary savings within a general equilibrium model with borrowing constraints, aggregate shocks and uninsurable idiosyncratic unemployment risk. Our framework generates limited cross-sectional household heterogeneity as an equilibrium outcome, thereby making it possible to analyse the role of precautionary saving over the business cycle in an analytically tractable way. The time-series behaviour of aggregate consumption generated by our model is closer to the data than that implied by the hand-to-mouth and representative-agent models, and it is comparable to that produced by the Krusell and Smith (1998) model.