| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8329 |
| 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 |
| URL | https://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。 | |||||
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