MACRO UNCERTAINTY, UNEMPLOYMENT RISK, AND CONSUMPTION DYNAMICS
研究发现收入异质性对消费动态至关重要：宏观不确定性上升时，低收入家庭因失业风险更高而消费下降更多。一个包含劳动力市场摩擦的异质性代理人新凯恩斯模型能解释这一现象，其机制是低收入家庭消费收缩与企业减少招聘之间的反馈循环。
Abstract Households' income heterogeneity is important to explain consumption dynamics in response to aggregate macro uncertainty: an increase in uncertainty generates a consumption drop that is stronger for lower‐income households. At the same time, labor markets are strongly responsive to macro uncertainty. A heterogeneous‐agent New Keynesian model with search‐and‐matching frictions in the labor market can account for these empirical findings. The mechanism at play is a feedback loop between lower‐income households who, being subject to higher unemployment risk, contract consumption more in response to heightened uncertainty, and firms that post fewer vacancies following a drop in demand.