Labor Market Uncertainty and Portfolio Choice Puzzles

被引：26
|
作者：
Chang, Yongsung [1 ,2 ]
Hong, Jay H. [3 ]
Karabarbounis, Marios [4 ]
机构：
[1] Univ Rochester, Dept Econ, Harkness Hall, Rochester, NY 14627 USA
[2] Yonsei Univ, Seoul, South Korea
[3] Seoul Natl Univ, Dept Econ, 1 Gwanak Ro, Seoul 08826, South Korea
[4] Fed Reserve Bank Richmond, Res Dept, 701 Byrd St, Richmond, VA 23219 USA
来源：
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2018年 / 10卷 / 02期
基金：
新加坡国家研究基金会;
关键词：
LIFE-CYCLE; INCOME RISK; PARTIAL INSURANCE; STOCK; CONSUMPTION; MOBILITY;
D O I：
10.1257/mac.20160207
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The standard life-cycle models of household portfolio choice have difficulty generating a realistic age profile of risky share. These models not only imply a high risky share on average but also a steeply decreasing age profile, whereas the risky share is mildly increasing in the data. We introduce age-dependent, labor market uncertainty into an otherwise standard model. A great uncertainty in the labor market high unemployment risk, frequent job turnovers, and an unknown career path-prevents young workers from taking too much risk in the financial market. As labor market uncertainty is resolved over time, workers start taking more risk in their financial portfolios.
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页码：222 / 262
页数：41
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