全球智库信息集成服务系统(G2TT): Who Bears Aggregate Fluctuations and How?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14665
来源ID	Working Paper 14665
	Who Bears Aggregate Fluctuations and How?
	Jonathan A. Parker; Annette Vissing-Jorgensen
发表日期	2009-01-22
出版年	2009
语种	英语
摘要	The consumption of high-consumption households is more exposed to fluctuations in aggregate consumption and income than that of low-consumption households in the Consumer Expenditure (CEX) Survey. The exposure to aggregate consumption growth of households in the top 10 percent of the consumption distribution in the CEX is about five times that of households in the bottom 80 percent. Given real aggregate per capita consumption growth about 3 percentage points less than its historical mean during the past year, these figures predict that the ratio of consumption of the top 10 percent to the bottom 80 percent has fallen by about 15 percentage points (relative to trend). Using income data from Piketty and Saez (2003), we show that the income (especially the wage income) of rich households is more exposed to aggregate fluctuations, so their higher income exposure is a likely contributor to their higher consumption exposure. Finally, we find a striking change in the exposure of the incomes of high-income households: prior to the early 1980's, the incomes of high-income households were not more exposed to aggregate fluctuations. Thus, while high-income households currently bear an inordinately large share of aggregate fluctuations, this is a recent occurrence.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles ; Financial Economics ; Financial Markets ; Labor Economics ; Labor Compensation
URL	https://www.nber.org/papers/w14665
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/572341
推荐引用方式 GB/T 7714	Jonathan A. Parker,Annette Vissing-Jorgensen. Who Bears Aggregate Fluctuations and How?. 2009.

条目包含的文件
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w14665.pdf（77KB）	智库出版物		限制开放	CC BY-NC-SA	浏览