The Marginal Propensity to Consume in Heterogeneous Agent Models
The Marginal Propensity to Consume in Heterogeneous Agent Models
复制标题
异构主体模型中的边际消费倾向
DOI：
10.3386/w30013
复制
发表时间：
2022
期刊：
影响因子：
--
通讯作者：
G. Violante
中科院分区：
文献类型：
--
作者：
Greg Kaplan;G. Violante
在异质代理模型中，什么样的模型特征和校准策略会产生较大的平均边际消费倾向（MPC）？通过对具有不同偏好、事前异质性维度、收入过程和资产结构的模型的系统研究，我们发现最重要的因素是手到口家庭的份额和类型。单一资产模型要么是在高平均边际消费倾向和现实的总财富水平之间进行权衡，要么是产生过度两极分化的财富分配，大大低估了处于分配中间的家庭所持有的财富。包含流动性和非流动性资产的双资产模型可以解决这种紧张关系，因为流动性和非流动性回报之间存在足够大的差距。本文从理论和数据两个角度讨论了如何证明这种收益差异的合理性。
What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes, and asset structures, we show that the most important factor is the share and type of hand-to-mouth households. One-asset models either feature a trade-off between a high average MPC and a realistic level of aggregate wealth or generate an excessively polarized wealth distribution that vastly understates the wealth held by households in the middle of the distribution. Two-asset models that include both liquid and illiquid assets can resolve this tension with a large enough gap between liquid and illiquid returns. We discuss how such return differential can be justified from the perspective of theory and data.