| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16924 |
| 来源ID | Working Paper 16924 |
| Intergenerational Redistribution in the Great Recession | |
| Andrew Glover; Jonathan Heathcote; Dirk Krueger; José-Víctor Ríos-Rull | |
| 发表日期 | 2011-04-07 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | In this paper we construct a stochastic overlapping-generations general equilibrium model in which households are subject to aggregate shocks that affect both wages and asset prices. We use a calibrated version of the model to quantify how the welfare costs of severe recessions are distributed across different household age groups. The model predicts that younger cohorts fare better than older cohorts when the equilibrium decline in asset prices is large relative to the decline in wages, as observed in the data. Asset price declines hurt the old, who rely on asset sales to finance consumption, but benefit the young, who purchase assets at depressed prices. In our preferred calibration, asset prices decline more than twice as much as wages, consistent with the experience of the US economy in the Great Recession. A model recession is approximately welfare-neutral for households in the 20-29 age group, but translates into a large welfare loss of around 10% of lifetime consumption for households aged 70 and over. |
| 主题 | Microeconomics ; Market Structure and Distribution ; General Equilibrium ; Behavioral Economics ; Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w16924 |
| 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/574599 |
| 推荐引用方式 GB/T 7714 | Andrew Glover,Jonathan Heathcote,Dirk Krueger,et al. Intergenerational Redistribution in the Great Recession. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16924.pdf（643KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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