메뉴 건너뛰기




Volumn 54, Issue 7, 2007, Pages 1882-1904

An equilibrium model of wealth distribution

Author keywords

Affine process; Bewley models; Precautionary savings; Recursive utility; Stochastic discounting; Wealth distribution

Indexed keywords


EID: 34548831379     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2006.11.005     Document Type: Article
Times cited : (26)

References (56)
  • 1
    • 21844504524 scopus 로고
    • Uninsured idiosyncratic risk and aggregate saving
    • Aiyagari S.R. Uninsured idiosyncratic risk and aggregate saving. Quarterly Journal of Economics 109 3 (1994) 659-684
    • (1994) Quarterly Journal of Economics , vol.109 , Issue.3 , pp. 659-684
    • Aiyagari, S.R.1
  • 2
    • 34548812431 scopus 로고    scopus 로고
    • Benhabib, J., Bisin, A., 2006. The distribution of wealth and redistributive policies. Manuscript, New York University.
  • 3
    • 0346846676 scopus 로고
    • Time preference and capital asset pricing model
    • Bergman Y.Z. Time preference and capital asset pricing model. Journal of Financial Economics 14 (1985) 145-159
    • (1985) Journal of Financial Economics , vol.14 , pp. 145-159
    • Bergman, Y.Z.1
  • 4
    • 0002502433 scopus 로고
    • Stationary Monetary Equilibrium with A Continuum of Independently Fluctuating Consumers
    • Hildenbrand W., and Mas-Colell A. (Eds), North-Holland, New York
    • Bewley T. Stationary Monetary Equilibrium with A Continuum of Independently Fluctuating Consumers. In: Hildenbrand W., and Mas-Colell A. (Eds). Contributions to Mathematical Economics: In Honor of Gerard Debreu (1986), North-Holland, New York 79-102
    • (1986) Contributions to Mathematical Economics: In Honor of Gerard Debreu , pp. 79-102
    • Bewley, T.1
  • 5
    • 84936526541 scopus 로고
    • Debt, deficits, and finite horizons
    • Blanchard O.J. Debt, deficits, and finite horizons. Journal of Political Economy 93 2 (1985) 223-247
    • (1985) Journal of Political Economy , vol.93 , Issue.2 , pp. 223-247
    • Blanchard, O.J.1
  • 6
    • 0000587246 scopus 로고
    • Consumption puzzles and precautionary savings
    • Caballero R.J. Consumption puzzles and precautionary savings. Journal of Monetary Economics 25 1 (1990) 113-136
    • (1990) Journal of Monetary Economics , vol.25 , Issue.1 , pp. 113-136
    • Caballero, R.J.1
  • 7
    • 0001292072 scopus 로고
    • Earnings uncertainty and aggregate wealth accumulation
    • Caballero R.J. Earnings uncertainty and aggregate wealth accumulation. American Economic Review 81 4 (1991) 859-871
    • (1991) American Economic Review , vol.81 , Issue.4 , pp. 859-871
    • Caballero, R.J.1
  • 8
    • 34548822551 scopus 로고    scopus 로고
    • Cagetti, M., De Nardi, M., 2005a. Entrepreneurship, frictions, and wealth. Federal Reserve Bank of Chicago, WP 2005-9, Journal of Political Economy, forthcoming.
  • 9
    • 34548824663 scopus 로고    scopus 로고
    • Cagetti, M., De Nardi, M., 2005b. Wealth Inequality: data and models. Federal Reserve Bank of Chicago, WP 2005-10. Macroeconomic Dynamics, forthcoming.
  • 10
    • 0001271653 scopus 로고
    • Does saving anticipate declining labor income? An alternative test of the permanent income hypothesis
    • Campbell J.Y. Does saving anticipate declining labor income? An alternative test of the permanent income hypothesis. Econometrica 55 6 (1987) 1249-1273
    • (1987) Econometrica , vol.55 , Issue.6 , pp. 1249-1273
    • Campbell, J.Y.1
  • 12
    • 0038969196 scopus 로고    scopus 로고
    • Buffer-stock saving and the life cycle/permanent income hypothesis
    • Carroll C.D. Buffer-stock saving and the life cycle/permanent income hypothesis. Quarterly Journal of Economics 112 1 (1997) 1-55
    • (1997) Quarterly Journal of Economics , vol.112 , Issue.1 , pp. 1-55
    • Carroll, C.D.1
  • 13
    • 0030370039 scopus 로고    scopus 로고
    • On the concavity of the consumption function
    • Carroll C.D., and Kimball M.S. On the concavity of the consumption function. Econometrica 64 4 (1996) 981-992
    • (1996) Econometrica , vol.64 , Issue.4 , pp. 981-992
    • Carroll, C.D.1    Kimball, M.S.2
  • 15
    • 0001205798 scopus 로고
    • A theory of the term structure of interest rates
    • Cox J.C., Ingersoll Jr. J.E., and Ross S.A. A theory of the term structure of interest rates. Econometrica 53 (1985) 385-407
    • (1985) Econometrica , vol.53 , pp. 385-407
    • Cox, J.C.1    Ingersoll Jr., J.E.2    Ross, S.A.3
  • 16
    • 0008766361 scopus 로고    scopus 로고
    • Specification analysis of affine term structure models
    • Dai Q., and Singleton K.J. Specification analysis of affine term structure models. Journal of Finance 55 (2000) 1943-1978
    • (2000) Journal of Finance , vol.55 , pp. 1943-1978
    • Dai, Q.1    Singleton, K.J.2
  • 17
    • 3843141811 scopus 로고    scopus 로고
    • Wealth inequality and intergenerational links
    • De Nardi M. Wealth inequality and intergenerational links. Review of Economic Studies 71 (2004) 743-768
    • (2004) Review of Economic Studies , vol.71 , pp. 743-768
    • De Nardi, M.1
  • 18
    • 0001517908 scopus 로고
    • Saving and liquidity constraints
    • Deaton A. Saving and liquidity constraints. Econometrica 59 5 (1991) 1221-1248
    • (1991) Econometrica , vol.59 , Issue.5 , pp. 1221-1248
    • Deaton, A.1
  • 20
    • 0001668150 scopus 로고    scopus 로고
    • Transform analysis and asset pricing for affine jump-diffusions
    • Duffie D., Pan J., and Singleton K.J. Transform analysis and asset pricing for affine jump-diffusions. Econometrica 68 (2000) 1343-1376
    • (2000) Econometrica , vol.68 , pp. 1343-1376
    • Duffie, D.1    Pan, J.2    Singleton, K.J.3
  • 22
    • 0009575675 scopus 로고
    • Stationary cardinal utility and optimal growth under uncertainty
    • Epstein L.G. Stationary cardinal utility and optimal growth under uncertainty. Journal of Economic Theory 31 (1983) 133-152
    • (1983) Journal of Economic Theory , vol.31 , pp. 133-152
    • Epstein, L.G.1
  • 23
    • 0001277826 scopus 로고
    • Two singular diffusion problems
    • Feller W. Two singular diffusion problems. Annals of Mathematics 54 (1951) 173-182
    • (1951) Annals of Mathematics , vol.54 , pp. 173-182
    • Feller, W.1
  • 24
    • 0000527972 scopus 로고
    • The adjustment of consumption to changing expectations about future income
    • Flavin M. The adjustment of consumption to changing expectations about future income. Journal of Political Economy 89 (1981) 974-1009
    • (1981) Journal of Political Economy , vol.89 , pp. 974-1009
    • Flavin, M.1
  • 26
    • 0036219398 scopus 로고    scopus 로고
    • Consumption over the life cycle
    • Gourinchas P.O., and Parker J. Consumption over the life cycle. Econometrica 70 (2002) 47-89
    • (2002) Econometrica , vol.70 , pp. 47-89
    • Gourinchas, P.O.1    Parker, J.2
  • 27
    • 0000155749 scopus 로고
    • Stochastic implications of the life cycle-permanent income hypothesis: theory and evidence
    • Hall R.E. Stochastic implications of the life cycle-permanent income hypothesis: theory and evidence. Journal of Political Economy 86 6 (1978) 971-987
    • (1978) Journal of Political Economy , vol.86 , Issue.6 , pp. 971-987
    • Hall, R.E.1
  • 28
    • 0001140573 scopus 로고
    • The risk-free rate in heterogeneous-agent incomplete-insurance economies
    • Huggett M. The risk-free rate in heterogeneous-agent incomplete-insurance economies. Journal of Economic Dynamics and Control 17 5-6 (1993) 953-969
    • (1993) Journal of Economic Dynamics and Control , vol.17 , Issue.5-6 , pp. 953-969
    • Huggett, M.1
  • 29
    • 0030511150 scopus 로고    scopus 로고
    • Wealth distribution in life-cycle economies
    • Huggett M. Wealth distribution in life-cycle economies. Journal of Monetary Economics 38 (1996) 469-494
    • (1996) Journal of Monetary Economics , vol.38 , pp. 469-494
    • Huggett, M.1
  • 32
    • 0002541131 scopus 로고
    • Precautionary saving in the small and in the large
    • Kimball M.S. Precautionary saving in the small and in the large. Econometrica 58 1 (1990) 53-73
    • (1990) Econometrica , vol.58 , Issue.1 , pp. 53-73
    • Kimball, M.S.1
  • 34
    • 0000737101 scopus 로고
    • Stationary ordinal utility and impatience
    • Koopmans T.C. Stationary ordinal utility and impatience. Econometrica 28 (1960) 287-309
    • (1960) Econometrica , vol.28 , pp. 287-309
    • Koopmans, T.C.1
  • 36
    • 0032451887 scopus 로고    scopus 로고
    • Income and wealth heterogeneity in the macroeconomy
    • Krusell P., and Smith A.A. Income and wealth heterogeneity in the macroeconomy. Journal of Political Economy 106 5 (1998) 867-896
    • (1998) Journal of Political Economy , vol.106 , Issue.5 , pp. 867-896
    • Krusell, P.1    Smith, A.A.2
  • 37
    • 84916296747 scopus 로고
    • Savings and uncertainty: the precautionary demand for savings
    • Leland H. Savings and uncertainty: the precautionary demand for savings. Quarterly Journal of Economics 82 (1968) 465-473
    • (1968) Quarterly Journal of Economics , vol.82 , pp. 465-473
    • Leland, H.1
  • 40
    • 0002216440 scopus 로고
    • The use of time series processes to model the error structure of earnings in a longitudinal data analysis
    • MaCurdy T.E. The use of time series processes to model the error structure of earnings in a longitudinal data analysis. Journal of Econometrics 18 (1982) 83-114
    • (1982) Journal of Econometrics , vol.18 , pp. 83-114
    • MaCurdy, T.E.1
  • 41
    • 0011090049 scopus 로고
    • Optimal consumption and portfolio rules in a continuous-time model
    • Merton R.C. Optimal consumption and portfolio rules in a continuous-time model. Journal of Economic Theory 3 (1971) 373-413
    • (1971) Journal of Economic Theory , vol.3 , pp. 373-413
    • Merton, R.C.1
  • 42
    • 33646365590 scopus 로고    scopus 로고
    • Competitive equilibria of economies with a continuum of consumers and aggregate shocks
    • Miao J. Competitive equilibria of economies with a continuum of consumers and aggregate shocks. Journal of Economic Theory 128 (2006) 274-298
    • (2006) Journal of Economic Theory , vol.128 , pp. 274-298
    • Miao, J.1
  • 43
    • 0001898581 scopus 로고
    • Intertemporal dependence, impatience, and dynamics
    • Obstfeld M. Intertemporal dependence, impatience, and dynamics. Journal of Monetary Economics 26 (1990) 45-75
    • (1990) Journal of Monetary Economics , vol.26 , pp. 45-75
    • Obstfeld, M.1
  • 45
    • 0242396663 scopus 로고    scopus 로고
    • Entrepreneurship, saving and social mobility
    • Quadrini V. Entrepreneurship, saving and social mobility. Review of Economic Dynamics 3 (2000) 1-40
    • (2000) Review of Economic Dynamics , vol.3 , pp. 1-40
    • Quadrini, V.1
  • 47
    • 0142087749 scopus 로고    scopus 로고
    • Optimal lifetime consumption-portfolio strategies under trading constraints and generalized recursive preferences
    • Schroder M., and Skiadas C. Optimal lifetime consumption-portfolio strategies under trading constraints and generalized recursive preferences. Stochastic Processes and their Applications 108 (2003) 155-202
    • (2003) Stochastic Processes and their Applications , vol.108 , pp. 155-202
    • Schroder, M.1    Skiadas, C.2
  • 48
    • 10244244992 scopus 로고    scopus 로고
    • Lifetime consumption-portfolio choice under trading constraints and non-tradable income
    • Schroder M., and Skiadas C. Lifetime consumption-portfolio choice under trading constraints and non-tradable income. Stochastic Processes and their Applications 115 (2005) 1-30
    • (2005) Stochastic Processes and their Applications , vol.115 , pp. 1-30
    • Schroder, M.1    Skiadas, C.2
  • 49
    • 85121551758 scopus 로고
    • Time preference, the consumption function, and optimal asset holdings
    • Wolfe J.N. (Ed), Edinburgh University Press, Edinburgh
    • Uzawa H. Time preference, the consumption function, and optimal asset holdings. In: Wolfe J.N. (Ed). Value, Capital, and Growth: Papers in honour of Sir John Hicks (1968), Edinburgh University Press, Edinburgh 485-504
    • (1968) Value, Capital, and Growth: Papers in honour of Sir John Hicks , pp. 485-504
    • Uzawa, H.1
  • 50
    • 0347078538 scopus 로고
    • An equilibrium characterization of the term structure
    • Vasicek O. An equilibrium characterization of the term structure. Journal of Financial Economics 5 (1977) 177-188
    • (1977) Journal of Financial Economics , vol.5 , pp. 177-188
    • Vasicek, O.1
  • 51
    • 2942731673 scopus 로고    scopus 로고
    • Caballero meets bewley: the permanent-income hypothesis in general equilibrium
    • Wang N. Caballero meets bewley: the permanent-income hypothesis in general equilibrium. American Economic Review 93 3 (2003) 927-936
    • (2003) American Economic Review , vol.93 , Issue.3 , pp. 927-936
    • Wang, N.1
  • 52
    • 10644243314 scopus 로고    scopus 로고
    • Precautionary saving and partially observed income
    • Wang N. Precautionary saving and partially observed income. Journal of Monetary Economics 51 8 (2004) 1645-1681
    • (2004) Journal of Monetary Economics , vol.51 , Issue.8 , pp. 1645-1681
    • Wang, N.1
  • 53
    • 33744540093 scopus 로고    scopus 로고
    • Generalizing the permanent-income hypothesis: revisiting Friedman's conjecture on consumption
    • Wang N. Generalizing the permanent-income hypothesis: revisiting Friedman's conjecture on consumption. Journal of Monetary Economics 53 4 (2006) 737-752
    • (2006) Journal of Monetary Economics , vol.53 , Issue.4 , pp. 737-752
    • Wang, N.1
  • 54
    • 0000963847 scopus 로고
    • Precautionary savings and the permanent income hypothesis
    • Weil P. Precautionary savings and the permanent income hypothesis. Review of Economic Studies 60 (1993) 367-383
    • (1993) Review of Economic Studies , vol.60 , pp. 367-383
    • Weil, P.1
  • 55
    • 10444239779 scopus 로고
    • Uncertain lifetime, life insurance, and the theory of the consumer
    • Yaari M.E. Uncertain lifetime, life insurance, and the theory of the consumer. Review of Economic Studies 32 2 (1965) 137-150
    • (1965) Review of Economic Studies , vol.32 , Issue.2 , pp. 137-150
    • Yaari, M.E.1
  • 56
    • 2942757485 scopus 로고
    • Optimal consumption with stochastic income: deviations from certainty equivalence
    • Zeldes S.P. Optimal consumption with stochastic income: deviations from certainty equivalence. Quarterly Journal of Economics 104 2 (1989) 275-298
    • (1989) Quarterly Journal of Economics , vol.104 , Issue.2 , pp. 275-298
    • Zeldes, S.P.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.