Does Unemployment Risk Affect Business Cycle Dynamics?
发现失业期间消费下降取决于流动与非流动财富，失业预测非流动资产提取，且失业风险上升导致储蓄增加但非流动资产投资减少。基于此，作者构建了一个包含内生失业风险的两资产异质性主体新凯恩斯模型，表明失业风险上升时流动性逃逸会放大总冲击，尤其在货币政策受限时。
In this paper, I show that the decline in consumption during unemployment depends on both liquid and illiquid wealth; that unemployment predicts illiquid asset withdrawal, primarily when households have few liquid assets; and that increased idiosyncratic unemployment risk leads to a rise in saving overall, but also to a decline in investment in illiquid assets. Motivated by these new findings, I embed endogenous unemployment risk in a two-asset, heterogeneous-agent New Keynesian model. The model is consistent with the new evidence and suggests that aggregate shocks are amplified by a flight-to-liquidity when unemployment risk rises, particularly when monetary policy is constrained.