| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9954 |
| DP9954 The Wealthy Hand-to-Mouth | |
| Giovanni L. Violante; Greg Kaplan | |
| 发表日期 | 2014-04-27 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets that carry a transaction cost, such as housing or retirement accounts). We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and Spain to document the share of such households across countries, their demographic characteristics, the composition of their balance sheets, and the persistence of hand-to-mouth status over the life cycle. The portfolio configuration of the wealthy hand-to-mouth suggests that these households may have a high marginal propensity to consume out of transitory income changes, a prediction for which we find empirical support in PSID data. We explain the implications of this group of consumers for macroeconomic modeling and fiscal policy analysis. |
| 主题 | Financial Economics ; International Macroeconomics ; Public Economics |
| 关键词 | Consumption Fiscal policy Hand-to-mouth Household portfolio Liquidity |
| URL | https://cepr.org/publications/dp9954 |
| 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/538787 |
| 推荐引用方式 GB/T 7714 | Giovanni L. Violante,Greg Kaplan. DP9954 The Wealthy Hand-to-Mouth. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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