Human Capital Risk and Economic Growth
构建了一个不完全市场模型，研究家庭投资无风险物质资本和风险人力资本时的经济增长。发现降低不可保险的个体劳动收入风险会减少物质资本投资，但增加人力资本投资、增长和福利，且效果与扭曲性所得税相当。
This paper develops a tractable incomplete-markets model of economic growth in which households invest in risk-free physical capital and risky human capital. The paper shows that a reduction in uninsurable idiosyncratic labor income risk decreases physical capital investment, but increases human capital investment, growth, and welfare. A quantitative analysis based on a calibrated version of the model reveals that these effects are substantial and of the same order of magnitude as the effects of distortionary income taxation. The analysis further suggests that government-sponsored severance payments to displaced workers increase growth and welfare even if these payments have to be financed through distortionary income taxation.