The relative income hypothesis
The relative income hypothesis
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DOI：
10.1016/j.jedc.2011.03.012
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发表时间：
2011-09-01
影响因子：
1.9
通讯作者：
Ngo Van Long
中科院分区：
文献类型：
--
作者：
Alvarez-Cuadrado, Francisco;Ngo Van Long
尽管它在理论上占主导地位，但支持永久收入假设的实证案例却很薄弱。与它的一个基本含义相反，越来越多的证据表明，富裕家庭储蓄占其永久收入的比例高于贫困家庭。我们提出了代际重叠经济，家庭关心相对消费。因此，一个人的消费是由他的一生收入和他的参照组的一生收入的比较所驱动的：杜森贝里（1949）相对收入假设的永久收入版本。在家庭中，储蓄率随着收入的增加而增加，而总储蓄与收入分配无关。(C) 2011 Elsevier B.V.版权所有
Despite its theoretical dominance, the empirical case in favor of the permanent income hypothesis is weak. Contrary to one of its basic implications, a growing body of evidence suggests that rich households save a higher proportion of their permanent income than poor households. We propose an overlapping-generations economy where households care about relative consumption. As a result, an individual's consumption is driven by the comparison of his lifetime income and the lifetime income of his reference group: a permanent income version of Duesenberry's (1949) relative income hypothesis. Across households the savings rate increases with income while aggregate savings are independent of the income distribution. (C) 2011 Elsevier B.V. All rights reserved.