Precautionary savings and wealth distribution under habit formation preferences

被引：59
作者：
Díaz, A
Pijoan-Mas, J
Ríos-Rull, JV
机构：
[1] CEMFI, ES-28014 Madrid, Spain
[2] Univ Carlos III Madrid, Dept Econ, Getafe 28093, Spain
[3] Univ Penn, Dept Econ, Philadelphia, PA 19104 USA
[4] NBER, Cambridge, MA 02138 USA
来源：
JOURNAL OF MONETARY ECONOMICS | 2003年 / 50卷 / 06期
基金：
美国国家科学基金会;
关键词：
habit formation; precautionary savings; wealth distribution;
D O I：
10.1016/S0304-3932(03)00078-3
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We study the role of habit formation in shaping the amount of precautionary savings and the wealth distribution in heterogeneous agents model economies with idiosyncratic uncertainty. We adjust preferences to equate the Intertemporal Elasticity of Substitution in all model economies. We find that habit formation brings a hefty increase in precautionary savings and very mild reductions in the coefficient of variation and in the Gini index of wealth. These findings hold for both persistent and non-persistent habits, with the effects of the former being much larger. (C) 2003 Elsevier B.V. All rights reserved.
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页码：1257 / 1291
页数：35
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