This paper studies the macroeconomic implications of imperfect risk sharing implied by a class of New Keynesian models with heterogeneous agents. The models in this class can be equivalently represented as a representative-agent economy with wedges. These wedges are functions of households’ consumption shares and relative wages, and they identify the key cross-sectional moments that govern the impact of households’ heterogeneity on aggregate variables. We measure the wedges using U.S. household-level data, and combine them with a representative-agent economy to perform counterfactuals. We find that deviations from perfect risk sharing implied by this class of models account for only 7% of output volatility on average, but can have sizable output effects when nominal interest rates reach their lower bound.

中文翻译：

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不完善的风险分担和商业周期

本文研究了一类具有异质主体的新凯恩斯模型所隐含的不完全风险分担的宏观经济含义。此类中的模型可以等效地表示为具有楔形的代表代理经济。这些楔子是家庭消费份额和相对工资的函数，它们确定了控制家庭异质性对总变量影响的关键横截面矩。我们使用美国家庭层面的数据来衡量楔形，并将它们与代表-代理经济相结合以进行反事实分析。我们发现，此类模型隐含的完美风险分担偏差平均仅占产出波动的 7%，但当名义利率达到其下限时，会对产出产生相当大的影响。