| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21917 |
| 来源ID | Working Paper 21917 |
| The Implications of Richer Earnings Dynamics for Consumption and Wealth | |
| Mariacristina De Nardi; Giulio Fella; Gonzalo Paz Pardo | |
| 发表日期 | 2016-01-25 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Earnings dynamics are much richer than those typically used in macro models with heterogenous agents. This paper provides multiple contributions. First, it proposes a simple non-parametric method to model rich earnings dynamics that is easy to estimate and introduce in structural models. Second, it applies our method to estimate a nonparametric earnings process using two data sets: the Panel Study of Income Dynamics and a large, synthetic, data set that matches the dynamics of the U.S. tax earnings. Third, it uses a life cycle model of consumption to compare the consumption and saving implications of our two estimated processes to those of a standard AR(1). We find that, unlike the standard AR(1) process, our estimated, richer earnings process generates an increase in consumption inequality over the life cycle that is consistent with the data and better fits the savings of the households at the bottom 60% of the wealth distribution. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Macroeconomics ; Consumption and Investment ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w21917 |
| 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/579592 |
| 推荐引用方式 GB/T 7714 | Mariacristina De Nardi,Giulio Fella,Gonzalo Paz Pardo. The Implications of Richer Earnings Dynamics for Consumption and Wealth. 2016. |
| 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 | ||
| w21917.pdf（1244KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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