دانلود مقاله ISI انگلیسی شماره 52023
ترجمه فارسی عنوان مقاله

حداقل مصرف و پویایی های انتقالی در توزیع ثروت

عنوان انگلیسی
Minimum consumption and transitional dynamics in wealth distribution ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
52023 2005 35 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Monetary Economics, Volume 52, Issue 3, April 2005, Pages 633–667

ترجمه کلمات کلیدی
حداقل مصرف - کشش جانشینی - دینامیک انتقالی - توزیع ثروت
کلمات کلیدی انگلیسی
D90; E21Minimum consumption; Intertemporal elasticity of substitution; Transitional dynamics; Wealth distribution
پیش نمایش مقاله
پیش نمایش مقاله  حداقل مصرف و پویایی های انتقالی در توزیع ثروت

چکیده انگلیسی

This paper investigates quantitatively how initial wealth holding differences across households are propagated through time in a one sector growth model economy. A key feature of the model is that household consumption cannot fall below a positive level each period. The existence of a minimum consumption requirement implies that the Intertemporal Elasticity of Substitution not only differs across households but also changes differently over time. This model is calibrated to match some key aggregate statistics of the U.S. economy. We find that, as in the data, the wealth distribution in our benchmark model economy exhibits a (brief) period of increasing inequality, a short period in which inequality diminishes and a steady level of inequality along the balanced growth path. However, our model illustrates that the evolution of inequality is very sensitive to the length of the transition path. Additionally, our model predicts an upsurge in wealth inequality following the productivity slowdown in the 1970s.