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筛选: 关键词 Skilled workers 删除限定条件 关键词: Skilled workers 学科 E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles 删除限定条件 学科: E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles 学科 E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth 删除限定条件 学科: E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth

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  • Sj139195q?file=thumbnail
    Creator: Kocherlakota, Narayana Rao, 1963-
    Series: Lucas expectations anniversary conference
    Abstract:

    There were three important changes in the United States economy during the 1980s. First, from 1982-90, the decade featured the longest consecutive stretch of positive quarterly output growth in United States history. Second, wage inequality expanded greatly as the wages of highly skilled workers grew markedly faster than the wages of less skilled workers (Katz and Murphy (1992)). Finally, consumption inequality also expanded as the consumption of highly skilled workers grew faster than that of less skilled workers (Attanasio and Davis (1994)). This paper argues that these three aspects of the United States economic experience can be interpreted as being part of an efficient response to a macroeconomic shock given the existence of a particular technological impediment to full insurance. I examine the properties of efficient allocations of risk in an economic environment in which the outside enforcement of risksharing arrangements is infinitely costly. In these allocations, relative productivity movements have effects on both the current and future distribution of consumption across individuals. If preferences over consumption and leisure are nonhomothetic, these changes in the allocation of consumption will generate persistent cycles in aggregate output that do not occur in efficient allocations when enforcement is costless.

    关键词: Business cycle, Skilled workers, Risk, and Consumption
    学科: E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles and E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth