生命周期财富积累和消费保险

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2023-11-07 DOI:10.1016/j.jmacro.2023.103566

Claudio Campanale , Marcello Sartarelli

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引用次数: 0

摘要

面对收入冲击，家庭似乎比参考校准下标准不完全市场模型的生命周期版本所暗示的要平稳得多。在本文中，我们详细探讨了财富积累的生命周期特征所起的作用。我们表明，一个参数化以匹配后者的标准模型，可以根据借贷限制的严格程度，将81%至100%的消费保险合理化，以应对布伦德尔、皮斯塔菲里和普雷斯顿(2008)的经验估计的永久性收入冲击。

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Life-cycle wealth accumulation and consumption insurance

Households appear to smooth consumption in the face of income shocks much more than implied by life-cycle versions of the standard incomplete market model under reference calibrations. In the current paper we explore in detail the role played by the life-cycle profile of wealth accumulation. We show that a standard model parameterized to match the latter can rationalize between 81 and 100 percent of the consumption insurance against permanent earnings shocks empirically estimated by Blundell, Pistaferri and Preston (2008), depending on the tightness of the borrowing limit.

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来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.