| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5868 |
| DP5868 Money at Low Frequencies | |
| Stefan Gerlach; Katrin Assenmacher-Wesche | |
| 发表日期 | 2006-10-08 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | 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 decompose idiosyncratic changes in income into predictable life-cycle changes, transitory and permanent shocks and estimate the contribution of each to total inequality. Our model fits the joint evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in income explain all of the increase in inequality in the 1980s and 90s. Second, we reconcile this finding with the fact that consumption inequality did not increase much over this period. Our results support the view that many permanent changes in income are predictable for consumers, even if they look unpredictable to the econometrician, consistent with models of heterogeneous income profiles. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption Inequality Risk Incomplete markets Heterogeneity |
| URL | https://cepr.org/publications/dp5868 |
| 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/534703 |
| 推荐引用方式 GB/T 7714 | Stefan Gerlach,Katrin Assenmacher-Wesche. DP5868 Money at Low Frequencies. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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