| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30013 |
| 来源ID | Working Paper 30013 |
| The Marginal Propensity to Consume in Heterogeneous Agent Models | |
| Greg Kaplan; Giovanni L. Violante | |
| 发表日期 | 2022-05-09 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show that the most important factor is the share and type of hand-to-mouth households. One-asset models either feature a trade-off between a high average MPC and a realistic level of aggregate wealth, or generate an excessively polarized wealth distribution that vastly understates the wealth held by households in the middle of the distribution. Two-asset models that include both liquid and illiquid assets can resolve this tension with a large enough gap between liquid and illiquid returns. We discuss how such return differential can be justified from the perspective of theory and data. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; General Equilibrium ; Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Financial Economics |
| URL | https://www.nber.org/papers/w30013 |
| 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/587686 |
| 推荐引用方式 GB/T 7714 | Greg Kaplan,Giovanni L. Violante. The Marginal Propensity to Consume in Heterogeneous Agent Models. 2022. |
| 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 | ||
| w30013.pdf（362KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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