全球智库信息集成服务系统(G2TT): DP14355 Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14355
	DP14355 Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains
	Andreas Fagereng; Martin Blomhoff Holm; Benjamin Moll; Gisle James Natvik
发表日期	2020-01-27
出版年	2020
语种	英语
摘要	Do wealthier households save a larger share of their incomes than poorer ones? We use Norwegian administrative panel data on income and wealth to answer this empirical question. The relation between saving rates and wealth crucially depends on whether saving includes capital gains. Saving rates net of capital gains ("net saving rates") are approximately constant across the wealth distribution. However, saving rates including capital gains ("gross saving rates") increase markedly with wealth. The proximate explanation is that wealthier households own assets that experience persistent capital gains which they hold onto instead of selling them off to consume ("saving by holding"). These joint patterns for net and gross saving rates challenge canonical models of household wealth accumulation. They are instead consistent with theories in which time-varying discount rates or portfolio adjustment frictions keep households from realizing capital gains. Between 1995 and 2015 Norway’s aggregate wealth-to-income ratio rose from approximately 4 to 7. "Saving by holding" accounts for up to 80 percent of this increase.
主题	Financial Economics ; Macroeconomics and Growth ; Public Economics
URL	https://cepr.org/publications/dp14355
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/543248
推荐引用方式 GB/T 7714	Andreas Fagereng,Martin Blomhoff Holm,Benjamin Moll,et al. DP14355 Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains. 2020.