Inequality and Aggregate Fluctuations

Kjetil Storesletten, Gianluca Violante and Jonathan Heathcote

No 15, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: In this paper, we study the impact on the aggregate economy of changes in individual risk and insurance. To this end, we use the analytical framework developed in Heathcote, Storesletten and Violante (2008). Our main finding is that insurable risk increases TFP by improving the allocation of hours worked in the market: more productive workers work more hours.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed009:15

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