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| Tekijä: | Healton, J. Lucas, D. |
| Otsikko: | Evaluating the effects of incomplete markets on risk sharing and asset pricing |
| Lehti: | Journal of Political Economy
1996 : JUN, VOL. 104:3, p. 443-487 |
| Asiasana: | ECONOMIC CONDITIONS POLITICS RISK |
| Kieli: | eng |
| Tiivistelmä: | The authors examine an economy in which agents cannot write contracts contingent on future labor income. The agents face aggregate uncertainty in the form of dividend and systematic labor income risk, and also idiosyncratic labor income risk, which is calibrated using the PSID. The agents trade in financial securities to buffer their idiosyncratic income shocks, but the extent of trade is limited by borrowing constraints, short-sales constraints, and transactions costs. |
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