G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8329
DP8329 Intergenerational Redistribution in the Great Recession
Jonathan Heathcote; Dirk Krueger; Andrew Glover
发表日期2011-04-01
出版年2011
语种英语
摘要In this paper we construct a stochastic overlapping-generations general equilibrium model in which households are subject to aggregate shocks that affect both wages and asset prices. We use a calibrated version of the model to quantify how the welfare costs of severe recessions are distributed across diffrrent household age groups. The model predicts that younger cohorts fare better than older cohorts when the equilibrium decline in asset prices is large relative to the decline in wages, as observed in the data. Asset price declines hurt the old, who rely on asset sales to finance consumption, but benefit the young, who purchase assets at depressed prices. In our preferred calibration, asset prices decline more than twice as much as wages, consistent with the experience of the US economy in the Great Recession. A model recession is approximately welfare-neutral for households in the 20-29 age group, but translates into a large welfare loss of around 10% of lifetime consumption for households aged 70 and over.
主题International Macroeconomics
关键词Aggregate risk Asset prices Overlapping generations Recessions
URLhttps://cepr.org/publications/dp8329
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/537156
推荐引用方式
GB/T 7714
Jonathan Heathcote,Dirk Krueger,Andrew Glover. DP8329 Intergenerational Redistribution in the Great Recession. 2011.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Jonathan Heathcote]的文章
[Dirk Krueger]的文章
[Andrew Glover]的文章
百度学术
百度学术中相似的文章
[Jonathan Heathcote]的文章
[Dirk Krueger]的文章
[Andrew Glover]的文章
必应学术
必应学术中相似的文章
[Jonathan Heathcote]的文章
[Dirk Krueger]的文章
[Andrew Glover]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。