English, Article, Journal or magazine article edition: Incomplete Markets, Labor Supply and Capital Accumulation Albert Marcet; Francesc Obiols-Homs; Philippe Weil

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Bookmark: http://trove.nla.gov.au/version/155296
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Incomplete Markets, Labor Supply and Capital Accumulation
Author
  • Albert Marcet
  • Francesc Obiols-Homs
  • Philippe Weil
Physical Description
  • preprint
Notes
  • In this paper we explore the accumulation of capital in the presence of limited insurance against idiosyncratic shocks, borrowing constraints and endogenous labor supply. As in the exogenous labor supply case (e.g. Aiyagari 1994, Huggett 1997), we find that steady states are characterized with an interest rate smaller than the rate of time preference. However,wealsofind that when labor supply is endogenous the presence of uncertainty and a borrowing limit are not enough to give rise to “aggregate precautionary savings”.
  • Idiosyncratic Shocks, Incomplete Insurance, Labor Supply
  • RePEc:upf:upfgen:659
Language
  • English
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