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| Author: | Phelan, C. |
| Title: | Incentives and aggregate shocks |
| Journal: | Review of Economic Studies
1994 : OCT, VOL. 61:209, p. 681-700 |
| Index terms: | INCENTIVES THEORIES EXAMINATIONS |
| Language: | eng |
| Abstract: | THis paper presents an incentive-based theory of the dynamics of the distribution of consumption in the presence of aggregate shocks. The paper builds on the models concerning the distribution of income of consumption and incentive problems of Green, Thomas and Worrrall, Phelan and Townsend, and Atkenson and Lucas. By incorporating aggregate production shocks, the model allows an examination of the interactions between individual and aggregate consumption series given incomplete insurance. |
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