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Inequality and Aggregate Fluctuations

Author

Listed:
  • Kjetil Storesletten
  • Gianluca Violante
  • Jonathan Heathcote

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.

Suggested Citation

  • Kjetil Storesletten & Gianluca Violante & Jonathan Heathcote, 2009. "Inequality and Aggregate Fluctuations," 2009 Meeting Papers 15, Society for Economic Dynamics.
    • Handle: RePEc:red:sed009:15
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