Incomplete unemployment insurance and aggregate fluctuations

Francesc Obiols-Homs ()

No 192, Computing in Economics and Finance 2001 from Society for Computational Economics

Abstract: This paper develops a real business cycle model characterized by a large number of agents facing idiosyncratic employment shocks and borrowing constraints. In particular, I use numerical methods to study the statistical properties of aggregate variables in equilibrium under both complete and incomplete insurance markets. The results show that the model with incomplete markets produces standard deviations and correlations close to the ones observed in the U.S. economy over the post-war period.

Keywords: Aggregate fluctuations; idiosyncratic shocks; incomplete insurance (search for similar items in EconPapers)
JEL-codes: E23 E37 J22 (search for similar items in EconPapers)
Date: 2001-04-01
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Journal Article: Incomplete Unemployment Insurance and Aggregate Fluctuations (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:sce:scecf1:192

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