MANAGING INEQUALITY OVER BUSINESS CYCLES: OPTIMAL POLICIES WITH HETEROGENEOUS AGENTS AND AGGREGATE SHOCKS
提出一种截断理论求解异质性主体模型中的最优拉姆齐政策，并应用于生产经济中失业险的最优水平，发现最优政策是逆周期的。
Abstract We present a truncation theory of idiosyncratic histories for heterogeneous‐agent models. This method allows us to solve for optimal Ramsey policies in such models with aggregate shocks. The method can be applied to a large variety of settings, with occasionally binding credit constraints. We use this theory to characterize the optimal level of unemployment insurance over the business cycle in a production economy. We find that the optimal policy is countercyclical.