文章基本信息

标题：The distribution of wealth and the marginal propensity to consume
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作者：Christopher D. Carroll ; Jiri Slacalek ; Kiichi Tokuoka 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：We present a macroeconomic model calibrated to match both microeconomic andmacroeconomic evidence on household income dynamics. When the model is modied in away that permits it to match empirical measures of wealth inequality in the U.S., we show thatits predictions (unlike those of competing models) are consistent with the substantial bodyof microeconomic evidence which suggests that the annual marginal propensity to consume(MPC) is much larger than the 0.020.04 range implied by commonly-used macroeconomicmodels. Our model also (plausibly) predicts that the aggregate MPC can dier greatlydepending on how the shock is distributed across categories of households (e.g., low-wealthversus high-wealth households).
关键词：Microfoundations; Wealth Inequality; Marginal Propensity to;Consume