| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27709 |
| 来源ID | Working Paper 27709 |
| Permanent Income Shocks, Target Wealth, and the Wealth Gap | |
| Tullio Jappelli; Luigi Pistaferri | |
| 发表日期 | 2020-08-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We test the key implication of the buffer stock model, namely that any revision in permanent income leads to a proportionate revision in target wealth. We use panel data on the amount of wealth held for precautionary purposes available in the 2002-2016 SHIW. Using an instrumental variable approach to overcome measurement error issues and direct estimates of the permanent component of income, we find that households indeed revise approximately one-for-one their target wealth in response to permanent income shocks. We explore heterogeneity of the response across the cash-on-hand distribution, for positive and negative shocks, and for shocks of different size. We also find that the change in the ratio of cash-on-hand to permanent income is negatively correlated with the “wealth gap”, particularly for individuals whose wealth is substantially above target. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w27709 |
| 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/585381 |
| 推荐引用方式 GB/T 7714 | Tullio Jappelli,Luigi Pistaferri. Permanent Income Shocks, Target Wealth, and the Wealth Gap. 2020. |
| 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 | ||
| w27709.pdf（436KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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