Macroeconomics and Household Heterogeneity
Macroeconomics and Household Heterogeneity
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DOI：
10.1016/bs.hesmac.2016.04.003
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发表时间：
2016-01-01
期刊：
影响因子：
--
通讯作者：
Perri, F.
中科院分区：
文献类型：
--
作者：
Krueger, D.;Mitman, K.;Perri, F.
本章的目标是研究家庭收入、财富和偏好异质性如何以及以何种程度放大和传播宏观经济冲击。我们关注美国2007-09年的大衰退，并分两步进行。首先，使用收入动态面板研究的数据，我们记录了大衰退之前和期间的家庭收入，消费和财富不平等的模式。然后，我们研究了财富分配中不同部分的家庭如何受到收入下降的影响，以及他们如何在总体经济衰退期间改变他们的支出。基于这一证据，我们研究了一个标准的异质家庭模型的几个变体，总冲击和内生横截面财富分布。我们的关键发现是，财富不平等可以显著放大总体冲击的影响，如果分布特征是有足够大比例的家庭拥有非常少的净资产，随着经济衰退的到来，他们的储蓄急剧增加（即，他们不是勉强糊口），那么就会这样。我们的文件，这两个功能都观察到的PSID。我们还研究了社会保险政策，如失业保险，在塑造横截面收入和财富分配中发挥的作用，并通过它，商业周期的动态。
The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the US Great Recession of 2007-09 and proceed in two steps. First, using data from the Panel Study of Income Dynamics, we document the patterns of household income, consumption, and wealth inequality before and during the Great Recession. We then investigate how households in different segments of the wealth distribution were affected by income declines, and how they changed their expenditures differentially during the aggregate downturn. Motivated by this evidence, we study several variants of a standard heterogeneous household model with aggregate shocks and an endogenous cross-sectional wealth distribution. Our key finding is that wealth inequality can significantly amplify the impact of an aggregate shock, and it does so if the distribution features a sufficiently large fraction of households with very little net worth that sharply increase their saving (ie, they are not hand-to mouth) as the recession hits. We document that both these features are observed in the PSID. We also investigate the role that social insurance policies, such as unemployment insurance, play in shaping the cross-sectional income and wealth distribution, and through it, the dynamics of business cycles.