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Empirical studies of the consumption-wealth relationship often assume a framework in which aggregate household spending depends linearly on wealth, the underlying state variable. These studies have given rise to many estimates of the wealth effect. In a general equilibrium setting, however, both...
Persistent link: https://www.econbiz.de/10013097314
rise in robotic productivity is more likely to lower the welfare of young workers and future generations when the saving … more important complement to labor. In some parameterizations the relationship of utility to robotic productivity follows a … redistribute income across generations can ensure that a rise in robotic productivity benefits all generations …
Persistent link: https://www.econbiz.de/10013024502
rise in robotic productivity is more likely to lower the welfare of young workers and future generations when the saving … more important complement to labor. In some parameterizations the relationship of utility to robotic productivity follows a … redistribute income across generations can ensure that a rise in robotic productivity benefits all generations …
Persistent link: https://www.econbiz.de/10012457575
Persistent link: https://www.econbiz.de/10003594431
Persistent link: https://www.econbiz.de/10001400025
During the past two decades, the personal saving rate in the United States has fallen from eight percent to below zero. This paper demonstrates that this change represents a major shift in the allocation of newly produced goods. The share of GDP that households consume rose by 6 percentage...
Persistent link: https://www.econbiz.de/10012471552
We study the evolution of the U.S. current account in a two-country dynamic stochastic endowment model in which a single non-state contingent bond is the only internationally traded asset. The paper focuses on the world `saving glut' as the primary cause of continual deterioration in the current...
Persistent link: https://www.econbiz.de/10012759722
During the past two decades, the personal saving rate in the United States has fallen from eight percent to below zero. This paper demonstrates that this change represents a major shift in the allocation of newly produced goods. The share of GDP that households consume rose by 6 percentage...
Persistent link: https://www.econbiz.de/10013233731
We study the evolution of the U.S. current account in a two-country dynamic stochastic endowment model in which a single non-state contingent bond is the only internationally traded asset. The paper focuses on the world `saving glut' as the primary cause of continual deterioration in the current...
Persistent link: https://www.econbiz.de/10012465076
We show that in a fully integrated economy, in which there is free mobility of goods and factors, each member’s share of total output will equal its shares of total stocks of productive factors (i.e., physical and human capital). We label this result the equal-share relationship. This...
Persistent link: https://www.econbiz.de/10011343242