| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3652 |
| DP3652 Entrepreneurship in Equilibrium | |
| David S. Scharfstein; Denis Gromb | |
| 发表日期 | 2002-10-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper first documents the evolution of the cross-sectional income and consumption distribution in the US in the past 25 years. Using data from the Consumer Expenditure Survey we find that a rising income inequality has not been accompanied by a corresponding rise in consumption inequality. Over the period from 1972-98 the standard deviation of the log of after-tax labor income has increased by 20% while the standard deviation of log consumption has increased less than 2%. Furthermore income inequality has increased both between and within education groups while consumption inequality has increased between education groups but mildly declined within groups. We then argue that these empirical findings are consistent with the hypothesis that an increase in income volatility has been an important cause of the increase in income inequality, but at the same time has lead to an endogenous development of credit markets, allowing households to better smooth their consumption against idiosyncratic income fluctuations. We develop a consumption model in which the sharing of income risk is limited by imperfect enforcement of credit contracts and in which the development of financial markets depends on the volatility of the individual income process. This model is shown to be quantitatively consistent with the joint evolution of income and consumption inequality in US, while other commonly used consumption models are not. |
| 主题 | Poverty and Income Inequality |
| 关键词 | Limited enforcement Risk sharing Consumption inequality |
| URL | https://cepr.org/publications/dp3652 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532624 |
| 推荐引用方式 GB/T 7714 | David S. Scharfstein,Denis Gromb. DP3652 Entrepreneurship in Equilibrium. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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