| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1175 |
| DP1175 Vertically Related Markets and Trade Policy in a Bargaining Framework | |
| Larry Karp; Lucy Sioli | |
| 发表日期 | 1995-05-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper considers an economy where inequality originates from exogenous `talent' or `market luck' shocks and is transmitted over time by the same saving decisions that determine the aggregate rate of accumulation. The resulting interactions between factor- and personal-income distribution are studied in the light of existing analytic results from the precautionary-savings literature, and by numerical solution experiments. Aggregate savings are an increasing function of non-accumulated income variability, as individuals try to self-insure by accumulating wealth. In dynamic general equilibrium, however, non-accumulated income flows (`wages') depend endogenously on aggregate wealth accumulation. The level and/or the anticipated growth rate of wages affect microeconomic saving decisions so as to induce remarkable stability of long-run accumulated wealth distributions across parameter sets. |
| 主题 | International Macroeconomics |
| 关键词 | Factor-income distribution Savings Uninsurable risk |
| URL | https://cepr.org/publications/dp1175 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530317 |
| 推荐引用方式 GB/T 7714 | Larry Karp,Lucy Sioli. DP1175 Vertically Related Markets and Trade Policy in a Bargaining Framework. 1995. |
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