| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15145 |
| DP15145 Permanent Income Shocks, Target Wealth, and the Wealth Gap | |
| Tullio Jappelli; Luigi Pistaferri | |
| 发表日期 | 2020-08-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We test the key implication of the buffer stock model, namely that any revision in permanent income leads to a proportionate revision in target wealth. We use panel data on the amount of wealth held for precautionary purposes available in the 2002-2016 SHIW. Using an instrumental variable approach to overcome measurement error issues and direct estimates of the permanent component of income, we find that households indeed revise approximately one-for-one their target wealth in response to permanent income shocks. We explore heterogeneity of the response across the cash-on-hand distribution, for positive and negative shocks, and for shocks of different size. We also find that the change in the ratio of cash-on-hand to permanent income is negatively correlated with the “wealth gap”, particularly for individuals whose wealth is substantially above target. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Buffer stock model Target wealth Wealth gap Permanent income shocks |
| URL | https://cepr.org/publications/dp15145 |
| 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/544112 |
| 推荐引用方式 GB/T 7714 | Tullio Jappelli,Luigi Pistaferri. DP15145 Permanent Income Shocks, Target Wealth, and the Wealth Gap. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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