Cost of Business Cycles with Indivisibilities and Liquidity Constraints
通过构建不完全保险市场的一般均衡模型，评估不完全保险对经济周期福利成本大小的影响，并比较两种不完全保险市场与完全保险市场的均衡随机过程统计特性。
It is almost universally agreed that individuals face incomplete insurance markets and cannot perfectly insure against the idiosyncratic risk. In this paper, simple general equilibrium models with incomplete insurance markets are examined in order to assess the impact of imperfect insurance on the magnitude of the welfare costs of business cycles. Two versions of incomplete insurance markets are considered, and certain statistical properties of the equilibrium stochastic processes in these environments are compared with those of a perfect insurance economy. Copyright 1989 by University of Chicago Press.