G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w20073
来源IDWorking Paper 20073
The Wealthy Hand-to-Mouth
Greg Kaplan; Giovanni L. Violante; Justin Weidner
发表日期2014-04-24
出版年2014
语种英语
摘要The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets that carry a transaction cost, such as housing or retirement accounts). We use survey data on household portfolios for the U.S., Canada, Australia, the U.K., Germany, France, Italy, and Spain to document the share of such households across countries, their demographic characteristics, the composition of their balance sheets, and the persistence of hand-to-mouth status over the life cycle. The portfolio configuration of the wealthy hand-to-mouth suggests that these households may have a high marginal propensity to consume out of transitory income changes, a prediction for which we find empirical support in PSID data. We explain the implications of this group of consumers for macroeconomic modeling and fiscal policy analysis.
主题Microeconomics ; Households and Firms ; Market Structure and Distribution ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Fiscal Policy
URLhttps://www.nber.org/papers/w20073
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/577747
推荐引用方式
GB/T 7714
Greg Kaplan,Giovanni L. Violante,Justin Weidner. The Wealthy Hand-to-Mouth. 2014.
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