Wealth in the Utility Function and Consumption Inequality
Title | Wealth in the Utility Function and Consumption Inequality PDF eBook |
Author | Yulei Luo |
Publisher | |
Pages | |
Release | 2021 |
Genre | |
ISBN |
Inequality, Leverage and Crises
Title | Inequality, Leverage and Crises PDF eBook |
Author | Mr.Michael Kumhof |
Publisher | International Monetary Fund |
Pages | 39 |
Release | 2010-11-01 |
Genre | Business & Economics |
ISBN | 1455210757 |
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.
Inequality, Leverage and Crises
Title | Inequality, Leverage and Crises PDF eBook |
Author | Mr.Michael Kumhof |
Publisher | International Monetary Fund |
Pages | 48 |
Release | 2013-12-17 |
Genre | Business & Economics |
ISBN | 1484311205 |
The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises arise endogenously in response to a growing income share of high-income households. The model matches the profiles of the income distribution, the debt-to-income ratio and crisis risk for the three decades prior to the Great Recession.
Money in the Utility Function: An Empirical Implementation
Title | Money in the Utility Function: An Empirical Implementation PDF eBook |
Author | James M. Poterba |
Publisher | Palala Press |
Pages | 56 |
Release | 2018-03-03 |
Genre | Business & Economics |
ISBN | 9781379111283 |
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Economics of Consumption
Title | The Economics of Consumption PDF eBook |
Author | Tullio Jappelli |
Publisher | Oxford University Press |
Pages | 313 |
Release | 2017-09-01 |
Genre | Business & Economics |
ISBN | 0199383189 |
Consumption decisions are crucial determinants of business cycles and growth. Knowledge of how consumers respond to the economic environment and how they react to the risks that they encounter during the life-cycle is therefore important for evaluating stabilization policies and the effectiveness of fiscal packages implemented in response to economic downturns or financial crises. In The Economics of Consumption, Tullio Jappelli and Luigi Pistaferri provide a comprehensive examination of the most important developments in the field of consumption decisions and evaluate economic models against empirical evidence. The first part of the book provides the basic ingredients of economic models of consumption decisions. The central part reviews the empirical literature on the effect of income and wealth changes on consumption and on the relevance of precautionary saving and credit market imperfections. The last chapters extend the basic framework to such important areas as bequests, leisure, lifetime uncertainty, and financial sophistication. Jappelli and Pistaferri shed light on important issues, including how consumption responds to changes in economic resources, how economic circumstances and consumers' characteristics influence behavior, and whether consumption inequality depends on income shocks and their persistence.
Household Portfolios
Title | Household Portfolios PDF eBook |
Author | Luigi Guiso |
Publisher | MIT Press |
Pages | 552 |
Release | 2002 |
Genre | Business & Economics |
ISBN | 9780262072212 |
Theoretical and empirical analysis of the structure of household portfolios.
Income Distribution in Macroeconomic Models
Title | Income Distribution in Macroeconomic Models PDF eBook |
Author | Giuseppe Bertola |
Publisher | Princeton University Press |
Pages | 440 |
Release | 2014-09-28 |
Genre | Business & Economics |
ISBN | 1400865093 |
This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.