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SUMMARY:Dirk Krueger (University of Pennsylvania)
DTSTART;TZID=Europe/Berlin:20250702T121500
DTEND;TZID=Europe/Berlin:20250702T133000
DTSTAMP:20260918T212955Z
UID:85c58eb6aa964cb484cd217dc47b6cbe@www.econ.uni-bonn.de
CREATED:20250618T085145Z
DESCRIPTION:This paper characterizes the transition dynamics of a continuo
 us-time neoclassical production economy with capital accumulation in which
  households face idiosyncratic income risk and cannot commit to repay thei
 r debt. Therefore\, even though a full set of contingent claims that pay o
 ut conditional on the realization of idiosyncratic shocks is available\, t
 he equilibrium features imperfect insurance and a non-degenerate cross-sec
 tional consumption distribution.When household labor productivity takes tw
 o values\, one of which is zero\, and the utility function is logarithmic\
 , we characterize the entire transition dynamics induced by unexpected tec
 hnology shocks\, including the evolution of the consumption distribution\,
  in closed form. We then use these analytical transition results to study 
 the speed of convergence in income per capita of a poor (low TFP) to a ric
 h (high TFP) economy and the evolution of consumption inequality over time
  in response to an increase in idiosyncratic income risk.
LAST-MODIFIED:20250618T085244Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-summer-2025
 /dirk-krueger-upenn
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