Arbeitspapier
Adverse selection, risk sharing and business cycles
I consider a real business cycle model in which agents have private information about an idiosyncratic shock to their value of leisure. I consider the mechanism design problem for this economy and describe a computational method to solve it. This is an important contribution of the paper since the method could be used to solve a wide class of models with heterogeneous agents and aggregate uncertainty. Calibrating the model to U.S. data I find a striking result: That the information frictions that plague the economy have no effects on business cycle fluctuations.
- Sprache
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Englisch
- Erschienen in
-
Series: Working Paper ; No. 2014-10
- Klassifikation
-
Wirtschaft
Computational Techniques; Simulation Modeling
Computable General Equilibrium Models
Personal Income, Wealth, and Their Distributions
Asymmetric and Private Information; Mechanism Design
Business Fluctuations; Cycles
- Thema
-
adverse selection
risk sharing
business cycles
private information
incentives
optimal contracts
computational methods
heterogeneous agents
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Veracierto, Marcelo
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Chicago
- (wo)
-
Chicago, IL
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Veracierto, Marcelo
- Federal Reserve Bank of Chicago
Entstanden
- 2014
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