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作者：Angeletos, George-Marios; Panousi, Vasia
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? We investigate this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk-a risk that introduces, not only a precautionary motive for saving, but also a wedge between the interest rate and the marginal product of capital. Our contribution is to show that this friction provides a simple exp...
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作者：Gottardi, Piero; Kubler, Felix
作者单位：European University Institute; Universita Ca Foscari Venezia; University of Zurich
摘要：In this paper we identify conditions under which the introduction of a pay-as-you-go social security system is ex ante Pareto-improving in a stochastic OLG economy with capital accumulation and land. We argue that these conditions are consistent with realistic specifications of the parameters of the economy. In our model financial markets are complete and competitive equilibria interim Pareto efficient. Therefore, a welfare improvement can only be obtained if agents' welfare is evaluated ex an...
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作者：Krueger, Dirk; Perri, Fabrizio
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Can public income insurance through progressive income taxation improve the allocation of risk in an economy where private risk sharing is incomplete? The answer depends crucially on the fundamental friction that limits private risk sharing in the first place. If risk sharing is limited because insurance markets are missing for model-exogenous reasons (as in Bewley (1986) [8]) publicly provided risk sharing improves on the allocation of risk. If instead private insurance markets exist but thei...
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作者：Hansen, Lars Peter; Sargent, Thomas J.
作者单位：New York University; University of Chicago; National Bureau of Economic Research
摘要：We use statistical detection theory in a continuous-time environment to provide a new perspective on calibrating a concern about robustness or an aversion to ambiguity. A decision maker repeatedly confronts uncertainty about state transition dynamics and a prior distribution over unobserved states or parameters. Two continuous-time formulations are counterparts of two discrete-time recursive specifications of Hansen and Sargent (2007) [16]. One formulation shares features of the smooth ambigui...
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作者：Lopomo, Giuseppe; Rigotti, Luca; Shannon, Chris
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Duke University; University of California System; University of California Berkeley
摘要：This paper presents a principal-agent model in which the agent has imprecise beliefs. We model this situation formally by assuming the agent's preferences are incomplete as in Bewley (1986) [2]. In this setting, incentives must be robust to Knightian uncertainty. We study the implications of robustness for the form of the resulting optimal contracts. We give conditions under which there is a unique optimal contract, and show that it must have a simple flat payment plus bonus structure. That is...
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作者：Corbae, Dean; Marimon, Ramon
作者单位：European University Institute; University of Texas System; University of Texas Austin; Pompeu Fabra University
摘要：This introduces the symposium on incompleteness and uncertainty in economics. (C) 2011 Published by Elsevier Inc.
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作者：Krusell, Per; Mukoyama, Toshihiko; Rogerson, Richard; Sahin, Ayseguel
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We develop a simple model featuring search frictions and a nondegenerate labor supply decision along the extensive margin. The model is a standard version of the neoclassical growth model with indivisible labor and idiosyncratic productivity shocks and frictions characterized by employment loss and employment opportunity arrival shocks. We argue that it is able to account for the key features of observed labor market flows for reasonable parameter values. Persistent idiosyncratic productivity ...
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作者：Huggett, Mark; Kaplan, Greg
作者单位：University of Pennsylvania; Georgetown University
摘要：We provide theory for calculating bounds on both the value of an individual's human capital and the return on an individual's human capital, given knowledge of the process governing earnings and financial asset returns. We calculate bounds using U.S. data on male earnings and financial asset returns. The large idiosyncratic component of earnings risk implies that bounds on values and returns are quite loose. However, when aggregate shocks are the only source of earnings risk, both bounds are t...
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作者：Broer, Tobias
摘要：When the risk of default constrains financial contracts, public insurance policies can significantly affect private risk-sharing. This is because by changing income expectations and volatility, redistribution changes the attractiveness of default and thus endogenous borrowing constraints. Extending results by Krueger and Perri (2011) [8], this paper analyses the conditions under which redistribution can improve private insurance by making default less attractive to the income-rich, whose incom...
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作者：Bergemann, Dirk; Morris, Stephen; Tercieux, Olivier
作者单位：Princeton University; Yale University; Paris School of Economics
摘要：We consider the implementation of social choice functions under complete information in rationalizable strategies. A strict version of the monotonicity condition introduced by Maskin is necessary under the solution concept of rationalizability. Assuming the social choice function is responsive, i.e. in distinct states it selects distinct outcomes, we show that strict Maskin monotonicity is also sufficient under a mild no worst alternative condition. In particular, no economic condition is requ...
