G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w21917
来源IDWorking 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
URLhttps://www.nber.org/papers/w21917
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/579592
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GB/T 7714
Mariacristina De Nardi,Giulio Fella,Gonzalo Paz Pardo. The Implications of Richer Earnings Dynamics for Consumption and Wealth. 2016.
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