Implications of Labor Market Frictions for Risk Aversion and Risk Premia
分析了摩擦性劳动力市场如何影响家庭的风险态度，发现劳动力市场摩擦越大的国家、经济衰退时期以及找工作更困难的家庭，风险厌恶程度更高。
A flexible labor margin allows households to absorb asset value shocks with changes in hours worked, altering the households’ attitudes toward risk (Swanson 2012). This paper analyzes how frictional labor markets affect that analysis. Risk aversion is higher (i) in countries with more frictional labor markets, (ii ) in recessions, and (iii ) for households that have more difficulty finding a job. Labor market frictions in Europe are large enough to raise risk aversion in those countries. Nevertheless, risk aversion in the United States and Europe is much closer to the frictionless benchmark in Swanson (2012) than to traditional, fixed-labor measures.