| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29000 |
| 来源ID | Working Paper 29000 |
| How Americans Respond to Idiosyncratic and Exogenous Changes in Household Wealth and Unearned Income | |
| Mikhail Golosov; Michael Graber; Magne Mogstad; David Novgorodsky | |
| 发表日期 | 2021-07-05 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study how Americans respond to idiosyncratic and exogenous changes in household wealth and unearned income. Our analyses combine administrative data on U.S. lottery winners with an event-study design that exploits variation in the timing of lottery wins. Our first contribution is to estimate the earnings responses to these windfall gains, finding significant and sizable wealth and income effects. On average, an extra dollar of unearned income in a given period reduces pre-tax labor earnings by about 50 cents, decreases total labor taxes by 10 cents, and increases consumption by 60 cents. These effects are heterogeneous across the income distribution, with households in higher quartiles of the income distribution reducing their earnings by a larger amount. Our second contribution is to develop and apply a rich life-cycle model in which heterogeneous households face non-linear taxes and make earnings choices along both intensive and extensive margins. By mapping this model to our estimated earnings responses, we obtain informative bounds on the impacts of two policy reforms: an introduction of UBI and an increase in top marginal tax rates. Our last contribution is to study how additional wealth and unearned income affect a wide range of behavior, including geographic mobility and neighborhood choice, retirement decisions and labor market exit, family formation and dissolution, entry into entrepreneurship, and job-to-job mobility. |
| 主题 | Microeconomics ; Households and Firms ; Public Economics ; Taxation ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w29000 |
| 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/586674 |
| 推荐引用方式 GB/T 7714 | Mikhail Golosov,Michael Graber,Magne Mogstad,et al. How Americans Respond to Idiosyncratic and Exogenous Changes in Household Wealth and Unearned Income. 2021. |
| 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 | ||
| w29000.pdf（1915KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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