Search results for "income dynamics"
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Households' Balance Sheets and the Effect of Fiscal Policy
2022
Using households' balance-sheet composition in the Panel Survey of Income Dynamics, we identify six household types. Since 1999, there has been a decline in the share of patient households and an increase in the share of impatient households with negative wealth. Using a six-agent New Keynesian model with search and matching frictions, we explore how changes in households' shares affect the transmission of government spending shocks. We show that the relative share of households in the left tail of the wealth distribution plays a key role in the aggregate marginal propensity to consume, the magnitude of fiscal multipliers, and the distributional consequences of government spending shocks. W…
Neoclassical Convergence Versus Technological Catch-Up : A Contribution for Reaching a Consensus.
2004
http://www.businessperspectives.org/files/ppm/PPM_EN_2004_03pp15_42.pdf; International audience; New macro empirical evidence is provided to assess the relative importance of object andidea gaps in explaining the world income distribution dynamics over a benchmark period of 1960-1985. Results are then extended through 1995. Formal statistical hypothesis tests allow us to discriminatebetween two competing growth models: (i) the standard neoclassical growth model similarto that employed by Mankiw, Romer, and Weil (1992), and (ii) an endogenous growth modelclosely related to the Nelson and Phelps' approach (1966) that emphasizes the importance of technologytransfer in addition to factor accumu…