| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17271 |
| DP17271 The Marginal Propensity to Consume in Heterogeneous Agent Models | |
| Greg Kaplan; Giovanni L. Violante | |
| 发表日期 | 2022-05-02 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show that the most important factor is the share and type of hand-to-mouth households. One-asset models either feature a trade-off between a high average MPC and a realistic level of aggregate wealth, or generate an excessively polarized wealth distribution that vastly understates the wealth held by households in the middle of the distribution. Two-asset models that include both liquid and illiquid assets can resolve this tension with a large enough gap between liquid and illiquid returns. We discuss how such return differential can be justified from the perspective of theory and data. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Borrowing constraints Consumption Hand-to-mouth Heterogeneity Income risk Liquidity Marginal propensity to consume Market incompleteness Precautionary saving Wealth distribution |
| URL | https://cepr.org/publications/dp17271 |
| 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/546287 |
| 推荐引用方式 GB/T 7714 | Greg Kaplan,Giovanni L. Violante. DP17271 The Marginal Propensity to Consume in Heterogeneous Agent Models. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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