| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16479 |
| DP16479 Play for the Rich and Work for the Poor? The Optimal Distribution of Saving and Work in the Heterogeneous Agents Neoclassical Growth Model | |
| Martin Wolf; Akshay Shanker | |
| 发表日期 | 2021-08-24 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | In an economy with un-insurable idiosyncratic labor income risk, how should saving and work hours be distributed across income and wealth? To answer this question, we study a planner who cannot complete asset markets, but dictates how much individuals must work and save. With a U.S. calibration, the planner raises total savings but not hours, driving up aggregate wages which re-distributes income toward the consumption-poor. Across the distribution, the productive (high wage earners) should save more; the wealthy should work more; the poor should keep their work hours unchanged and take advantage of the indirect transfers from higher wages. |
| 主题 | Labour Economics ; Macroeconomics and Growth |
| 关键词 | Constrained efficiency Incomplete markets Pecuniary externality Endogenous labor supply |
| URL | https://cepr.org/publications/dp16479 |
| 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/545436 |
| 推荐引用方式 GB/T 7714 | Martin Wolf,Akshay Shanker. DP16479 Play for the Rich and Work for the Poor? The Optimal Distribution of Saving and Work in the Heterogeneous Agents Neoclassical Growth Model. 2021. |
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