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Risk Sharing, Indivisible Labor and Aggregate Fluctuations

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  • Jang-Ok Cho
  • Richard Rogerson

Abstract

This paper studies fluctuations in a real business cycle model when there is a risk neutral agent present to offer insurance to workers. This economy is compared with one in which there is no risk neutral agent but labor is indivisible. In static models it is difficult to distinguish the risk sharing and indivisible labor economies, but in dynamic models with capital accumulation the indivisible labor model appears to perform better.

Suggested Citation

  • Jang-Ok Cho & Richard Rogerson, 1990. "Risk Sharing, Indivisible Labor and Aggregate Fluctuations," Working Paper 787, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:787
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    File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_787.pdf
    File Function: First version 1990
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    Cited by:

    1. Bils, Mark & Cho, Jang-Ok, 1994. "Cyclical factor utilization," Journal of Monetary Economics, Elsevier, vol. 33(2), pages 319-354, April.

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