资源描述：
《Macroeconomics and Heterogeneity (including inequality).pdf》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、MacroeconomicsandHeterogeneity,IncludingInequalityMarch2015PRELIMINARYDirkKruegerKurtMitmanFabrizioPerriUniversityofPennsylvania,IIES,StockholmUniversityFederalReserveBankofCEPR,CFS,NBERandNetsparMinneapolis,CEPRandNBERAbstractUsingthegreatrecessionasacasestudy,thispaperwillstudymodelsofth
2、emacroeconomywithhouseholdheterogeneity.Ourmainfocusistostudyunderwhatconditions(andforwhichquestions)cross-sectionalheterogeneityisimpor-tantforthemacroeconomicresponsetoabusinesscycleshock,andwhatmech-anismsaresuitableforgeneratinganempiricallyplausiblewealthdistributioninthefirstplace.Wea
3、lsoinvestigatetherolesocialinsurancepolicies(suchasunem-ploymentinsurance)playsforshapingthebusinesscycledynamics.Ourmaincon-clusionisthatthewealthdistributioncanmatterforthemacroeconomicresponsetobusinesscycleshocksif(andonlyif)itfeaturessufficientlymanyhouseholdswithfewassetsasintheempiric
4、allyobservedwealthdistributionfortheU.S..Keywords:Recessions,WealthInequality,SocialInsuranceJELClassifications:E21,E32,J65ThispaperisbeingpreparedfortheforthcomingHandbookofMacroeconomics.ThankstotheeditorsJohnTaylorandHaraldUhligforusefuldiscussionsregardingthescopeofthischapter.Wealsotha
5、nkClaudioMichelacci,seminarparticipantsattheSverigesRiksbank-EABCNConferenceonInequality&Macroeconomics,theWorkshoponMacroeconomicDynamics(EIEF)andNYUAbuDhabiformanyusefulcommentsandSimoneCivaleforoutstandingresearchassistance.Kruegergratefullyacknowl-edgesfinancialsupportfromtheNSFundergran
6、tsSES1123547andSES1326781.1IntroductionHowimportantishouseholdheterogeneityforunderstandingthemacroeconomy?Theobjectiveofthispaperistogiveaquantitativeanswertoanarrowversionofthisbroadquestion.1Specifically,wenarrowthefocusofthisquestionalongtwodimen-sions.First,initsempiricalcontextinthatwe
7、mainlyfocusonaspecificmacroeco-nomicevent,namelytheGreatrecessionof2007-2009.Second,wefocusonaspecificdimensionofhouseholdheterogeneity,namelythatinwealth,anditsassociatedcorre-lationswithandconsequencesforthecross-sectionalinequalityinearnings,disposablei
