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1、MacroeconomicsandHouseholdHeterogeneityDirkKruegerKurtMitmanFabrizioPerriUniversityofPennsylvania,IIES,StockholmUniversityandFederalReserveBankofCEPR,CFS,NBERandNetsparCEPRMinneapolis,CEPRandNBERNovember3,2015AbstractUsingthegreatrecessionasacasestudy,thispaperwillstudymodelsofthemacroeconomywithh
2、ouseholdheterogeneity.Ourmainfocusistostudyunderwhatconditions(andforwhichquestions)cross-sectionalheterogeneityisimpor-tantforthemacroeconomicresponsetoabusinesscycleshock,andwhatmech-anismsaresuitableforgeneratinganempiricallyplausiblewealthdistributioninthefirstplace.Wealsoinvestigatetherolesocia
3、linsurancepolicies(suchasunem-ploymentinsurance)playsforshapingthebusinesscycledynamics.Ourmaincon-clusionisthatthewealthdistributioncanmatterforthemacroeconomicresponsetobusinesscycleshocksif(andonlyif)itfeaturessufficientlymanyhouseholdswithfewassets,asintheempiricallyobservedwealthdistributionfor
4、theU.S.Keywords:Recessions,WealthInequality,SocialInsuranceJELClassifications:E21,E32,J65WewishtothanktheeditorsJohnTaylorandHaraldUhlig,discussantsofthepaperClaudioMichelacci,TonySmithandChrisTonettiaswellasseminarparticipantsattheStanfordHandbookforMacroeconomicsConference,SverigesRiksbank-EABCNC
5、onferenceonInequality&Macroeconomics,theWorkshoponMacroeconomicDynamics(EIEF),theEconometricSocietyWolrdCongressinMon-trealaswellastheBankofItaly,theBankofNorway,theECB,NYUAbuDhabiandWarwickformanyusefulcommentsandSimoneCivaleforoutstandingresearchassistance.Kruegergratefullyacknowl-edgesfinancialsu
6、pportfromtheNSFundergrantsSES1123547andSES1326781.1IntroductionHowimportantishouseholdheterogeneityforunderstandingthemacroeconomy?Theobjectiveofthispaperistogiveaquantitativeanswertoanarrowversionofthisbroadquestion.1Specifically,wenarrowthefocusofthisquestionalongtwodimen-sions.First,initsempirica
7、lcontextinthatwemainlyfocusonaspecificmacroeco-nomicevent,namelytheGreatrecessionof2007-2009.Second,wefocusonaspecificdimensionofhouseholdheterogeneity,namelythatinwealth,anditsassociatedcorre-lationswithandc
