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Página 1495
The figure allows us to identify the relative contribution of each main component of individual risk : the random walk in aggregate consumption , the level of idio- syncratic risk y2 , and the degree to which idio- syncratic risk ...
The figure allows us to identify the relative contribution of each main component of individual risk : the random walk in aggregate consumption , the level of idio- syncratic risk y2 , and the degree to which idio- syncratic risk ...
Página 1496
Gain from Removing Aggregate Risk 0.14 0.12 0.1 0.08 0.06 0.04 0.02 △ ( y2 = 0.12 , b = −0.3 ) Gain from removing 10 % of aggregate risk = 2.6 % A ( y2 = 0.12 , b = 0 ) Gain = 1 % △ ( p2 = 0 , b = 0 ) Gain = 0.3 % 12yo2 = Lucas's ...
Gain from Removing Aggregate Risk 0.14 0.12 0.1 0.08 0.06 0.04 0.02 △ ( y2 = 0.12 , b = −0.3 ) Gain from removing 10 % of aggregate risk = 2.6 % A ( y2 = 0.12 , b = 0 ) Gain = 1 % △ ( p2 = 0 , b = 0 ) Gain = 0.3 % 12yo2 = Lucas's ...
Página 1499
They also insure against the aggregate shock , thus moving to a flatter portion toward the origin . ... Atkeson and Phelan ( 1994 ) argue that the welfare gain from removing aggregate risk is zero , regardless of how much individual ...
They also insure against the aggregate shock , thus moving to a flatter portion toward the origin . ... Atkeson and Phelan ( 1994 ) argue that the welfare gain from removing aggregate risk is zero , regardless of how much individual ...
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EDMUND S PHELPS | 541 |
O 2 0 2007 | 713 |
ALMA COHEN AND LIRAN EINAV | 745 |
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