全球智库信息集成服务系统(G2TT): Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26588
来源ID	Working Paper 26588
	Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains
	Andreas Fagereng; Martin Blomhoff Holm; Benjamin Moll; Gisle Natvik
发表日期	2019-12-30
出版年	2019
语种	英语
摘要	Do wealthier households save a larger share of their incomes than poorer ones? We use Norwegian administrative panel data on income and wealth to answer this empirical question. The relation between saving rates and wealth crucially depends on whether saving includes capital gains. Saving rates net of capital gains ("net saving rates") are approximately constant across the wealth distribution. However, saving rates including capital gains ("gross saving rates") increase markedly with wealth. The proximate explanation is that wealthier households own assets that experience persistent capital gains which they hold onto instead of selling them off to consume ("saving by holding"). These joint patterns for net and gross saving rates challenge canonical models of household wealth accumulation. They are instead consistent with theories in which time-varying discount rates or portfolio adjustment frictions keep households from realizing capital gains. Between 1995 and 2015 Norway's aggregate wealth-to-income ratio rose from approximately 4 to 7. "Saving by holding" accounts for up to 80 percent of this increase.
主题	Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Money and Interest Rates
URL	https://www.nber.org/papers/w26588
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/584262
推荐引用方式 GB/T 7714	Andreas Fagereng,Martin Blomhoff Holm,Benjamin Moll,et al. Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains. 2019.

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
w26588.pdf（626KB）	智库出版物		限制开放	CC BY-NC-SA	浏览