Wealth, Income and Savings
نویسندگان
چکیده
منابع مشابه
Stochastic income and wealth
As is well known, the deterministic version of the maximum principle allows us to state rigorously the relationship between deterministic income (essentially the Hamiltonian) and deterministic wealth (essentially the state evaluation function). As a background motivating point of departure, consider the simple story of an infinitely long-lived individual whose sole wealth consists of a bank dep...
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The distributions of income and wealth in countries across the world are found to possess some robust and stable features independent of the specific economic, social and political conditions of the countries. We discuss a few physics-inspired multiagent dynamic models along with their microeconomic counterparts, that can produce the statistical features of the distributions observed in reality...
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We develop an analytically tractable consumption-savings model for a liquidityconstrained agent who faces both permanent and transitory income shocks. We find that risk aversion and intertemporal substitution have very different effects on both consumption and the steady-state savings target. Moderate changes in risk aversion have large effects on consumption and buffer-stock savings. With perm...
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China’s urban household saving rate has increased markedly since the mid-1990s and the agesaving profile has become U-shaped. To understand these patterns, we analyze a panel of urban Chinese households over the period 1989-2009. We document a sharp increase in income uncertainty, largely due to an increase in transitory variance (the variance in household income attributed to transitory idiosy...
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The late 1980s saw a dramatic fall in personal saving rates in Britain and the United Stateswhich attracted the attention of academics and policymakers alike. The period was also marked by a number of important structural changes, any or all of which could have had an impact on personal saving behaviour. Included among these are systematic changes in the demographic structure of the population,...
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ژورنال
عنوان ژورنال: The ANNALS of the American Academy of Political and Social Science
سال: 1920
ISSN: 0002-7162,1552-3349
DOI: 10.1177/000271622008700107