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Income distribution, household debt, and aggregate demand : a critical assessment

Mason, J. W. - 2018

During the period leading up to the recession of 2007-08, there was a large increase in household debt relative to income, a large increase in measured consumption as a fraction of GDP, and a shift toward more unequal income distribution. It is sometimes claimed that these three developments...

Persistent link: https://www.econbiz.de/10011810449

收入分配、总消费、与相对收入假说：一个文献述评 (Income Distribution, Aggregate Consumption, and Relative Income Hypothesis : A Literature Review)

Tang, Xiang - 2012

consumption theory in the West, in relation to the question of whether and how income distribution affects aggregate consumption …, thereby showing that the relative income hypothesis (RIH) is the only consumption theory that is consistent with the existing … theory per se and in relation to the discussion of whether China's growing income inequality has adversely affected its …

Persistent link: https://www.econbiz.de/10013108889

Income inequality and saving in a class society : the role of ordinal status

Haagsma, Rein - 2018

This paper examines the impact of income growth and income inequality on household saving rates and payoffs in a non-cooperative game where each player’s payoff depends on her present and future consumption and her rank in the present consumption distribution. The setting is a pooling...

Persistent link: https://www.econbiz.de/10011877943

Income inequality and saving in a class society : the role of ordinal status

Haagsma, Rein - 2018

This paper examines the impact of income growth and income inequality on household saving rates and payoffs in a non-cooperative game where each player's payoff depends on her present and future consumption and her rank in the present-consumption distribution. The setting is a pooling...

Persistent link: https://www.econbiz.de/10011789399

Relativizing Relative Income

Senik, Claudia - 2004

Using over one million observations, from 6 Transition countries and 14 "old" European countries, we show that, in stable EU economies, other people's income affects my utility directly, through comparison effects, whereas in more volatile Transition economies it affects me indirectly, in a...

Persistent link: https://www.econbiz.de/10014070404

Predictable Life-Cycle Shocks, Income Risk and Consumption Inequality

Primiceri, Giorgio E. - 2006

Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...

Persistent link: https://www.econbiz.de/10012733915

Permanent-income inequality

Abbott, Brant; Gallipoli, Giovanni - 2019 - This draft: February 17, 2019

We characterize the distribution of permanent-income and quantify the value of assets and human capital in lifetime wealth portfolios. We estimate the distribution of human wealth using nonparametric identification results that allow for state-dependent stochastic discounting and unobserved...

Persistent link: https://www.econbiz.de/10012183332

Permanent‐income inequality

Abbott, Brant; Gallipoli, Giovanni - In: Quantitative economics : QE ; journal of the … 13 (2022) 3, pp. 1023-1060

Through certainty equivalent consumption (CE) measures, we show that dispersion of current earnings, expenditures, and net worth overstate welfare inequality. This is largely due to the unaccounted value of future earnings, which we call human wealth. The latter mitigates permanent‐income...

Persistent link: https://www.econbiz.de/10013382060

The distribution of wealth and the marginal propensity to consume

Carroll, Chris; Slacalek, Jirka; Tokuoka, Kiichi; … - In: Quantitative economics : QE ; journal of the … 8 (2017) 3, pp. 977-1020

In a model calibrated to match micro- and macroeconomic evidence on household income dynamics, we show that a modest degree of heterogeneity in household preferences or beliefs is sufficient to match empirical measures of wealth inequality in the United States. The heterogeneity-augmented...

Persistent link: https://www.econbiz.de/10011801783

Of proprietors and proletarians : inequality, household indebtedness, macroeconomic imbalances and the ownership society

Holzner, Mario; Jestl, Stefan - 2015

Persistent link: https://www.econbiz.de/10010517173