The Distributional Effects of Economic Uncertainty*
研究了经济不确定性冲击对收入与消费分配的影响。发现短期内低收入工人占比下降但低消费家庭增多，长期低收入工人占比上升，消费分布恢复。有助于理解不确定性如何改变不平等。
ABSTRACT We study the distributional implications of uncertainty shocks by developing a model that links macroeconomic aggregates to the US distribution of earnings and consumption. Our findings suggest that the fraction of low‐earning workers decreases initially, while the share of households reporting low consumption increases. At longer horizons, the fraction of low‐income workers increases, but the consumption distribution reverts to its preshock shape. While the first phase reduces income inequality and increases consumption inequality, in the second stage income inequality rises, and the effects on consumption inequality dissipate.