Idiosyncratic Income Risk and Aggregate Fluctuations
研究在没有借贷约束或周期性收入风险的情况下，特质收入风险如何影响总体波动，发现其影响在合理校准下很小，因为消费风险变化主要集中于低收入家庭。
We study how the presence of idiosyncratic income risk affects aggregate fluctuations in the absence of binding borrowing constraints and/or cyclical income risk. Its impact is shown to be captured by the response of a consumption-weighted average of individual consumption risk to aggregate shocks. We analyze two example economies—an endowment economy and a New Keynesian economy—and show that, under plausible calibrations, the impact of idiosyncratic income risk on aggregate fluctuations is quantitatively small since most of the changes in consumption risk are concentrated among poorer (low-consumption) households.