| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13540 |
| DP13540 Permanent-Income Inequality | |
| Brant Abbott; GIOVANNI GALLIPOLI | |
| 发表日期 | 2019-02-20 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We characterize the distribution of permanent-income and quantify the value of assets and human capital in lifetime wealth portfolios. We estimate the distribution of human wealth using nonparametric identification results that allow for state-dependent stochastic discounting and unobserved heterogeneity. The approach imposes no restrictions on income processes or utility. Accounting for the value of human capital delivers a different view of inequality: (i) in 2016 the top 10% share of permanent-income was 1/3 lower than the corresponding share of assets; (ii) however, since 1989, the top 10% share of permanent-income has grown much faster than the corresponding share of assets. Human wealth has a mitigating influence on inequality, but this effect has waned over time due to the growing importance of assets in lifetime wealth portfolios. We find that consumption expenditures are tightly linked to permanent-income; however, liquidity constraints can lead to substantial deviations below permanent-income. |
| 主题 | Labour Economics ; Macroeconomics and Growth |
| 关键词 | Wealth Human capital Permanent income Consumption Inequality |
| URL | https://cepr.org/publications/dp13540-0 |
| 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/542356 |
| 推荐引用方式 GB/T 7714 | Brant Abbott,GIOVANNI GALLIPOLI. DP13540 Permanent-Income Inequality. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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