Title of article
Human capitalriskinlife-cycleeconomies
Author/Authors
Aarti Singh، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
10
From page
729
To page
738
Abstract
The aggregateeffectsofmarketincompletenessarestudiedinamodelwhereagents
face idiosyncratic,uninsurablehumancapitalinvestmentrisk.Usingalife-cyclemodel
with aversionofa Ben-Porath(1967) human capitalaccumulationtechnology,
stationaryequilibriaofcalibratedcasesareanalyzedinwhichriskarisesfrom
specializationriskandcareerrisk.Withcareerriskonly,stationaryequilibriaresemble
thosestudiedby Aiyagari(1994), andtheimpactofuninsurableidiosyncraticriskis
relativelysmall.Withasignificantamountofspecializationrisk,however,stationary
equilibriaareseverelydistorted,withhumancapitalabout57percentaslargeasits
completemarketscounterpart
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846425
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