Incentives and Aggregate Shocks
This paper presents an incentive-based theory of the dynamics of the distribution of consumption in the presence of aggregate shocks. The paper builds on the models concerning the distribution of income or consumption and incentive problems of E. Green (1987), J. Thomas and T. Worrall (1991), C. Phelan and R. Townsend (1991), and A. Atkeson and R. Lucas (1992). By incorporating aggregate production shocks, the model allows an examination of the interactions between individual and aggregate consumption series given incomplete insurance. Further, the methodology outlined allows the incorporation of incentive considerations to macroeconomic environments similar to R. Rogerson (1988) and G. Hansen (1985). Copyright 1994 by The Review of Economic Studies Limited.
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Volume (Year): 61 (1994)
Issue (Month): 4 (October)
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