永久性收入冲击、目标财富和贫富差距

T. Jappelli, Luigi Pistaferri
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引用次数: 2

摘要

我们检验了缓冲存量模型的关键含义,即永久收入的任何修正都会导致目标财富的成比例修正。我们使用了2002-2016年SHIW中为预防目的而持有的财富数量的面板数据。使用工具变量方法来克服测量误差问题和对收入的永久组成部分的直接估计,我们发现家庭确实对其目标财富进行了大约一对一的修正,以应对永久性收入冲击。我们探讨了现金在手分布、正面冲击和负面冲击以及不同规模冲击的异质性。我们还发现,手头现金与永久收入之比的变化与“贫富差距”呈负相关,特别是对于财富大大高于目标的个人。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Permanent Income Shocks, Target Wealth, and the Wealth Gap
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.
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