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This paper focuses on the income patterns among the elderly. The life cycle hypothesis suggests that income and assets will decline after retirement. Data from the 1980 U.S. decennial census confirms that total income declines for succeeding elderly cohorts. The census data, however, shows that income from assets for elderly cohorts increases until the cohort aged 85 years and older. This pattern is similar for different sex-marital groups. Recent research that has addressed the issue of savings among the elderly is summarized and four possible explanations for the increase in income from assets found in the decennial census are discussed. We conclude by suggesting the implications of this data for the life cycle theory and public policy.  相似文献   

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This paper focuses on a neglected aspect of the treatment of the income unit in the construction of size distributions of income. If the size distribution is to be an indicator of the distribution of economic welfare, and if the economic welfare of each individual in society is to count equally, then conventional distributions are inconsistent with individualistic welfare functions. We estimate size distributions with each person's welfare weighted equally, and contrast these results with those weighting each household unit's welfare equally. The choice of weights is shown to affect both the level and the trend in income inequality.  相似文献   

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L. K. C. Chan (1983) and R. B. Barsky et al. (1986) have demonstrated that a tax cut financed by bonds to be repaid from proportional income taxes on uncertain future income, by reducing the latter's riskiness, stimulates current consumption - Ricardian equivalence does not hold. However, their two-period models exclude the possibility that future taxes are uncertain. In this paper a three-period model is developed that, by allowing the government two periods in which to collect taxes, introduces ex ante tax rate uncertainty. This renders the result concerning Ricardian equivalence ambiguous. By comparison, taxes levied as lump sums and via a ‘lottery’ respectively produce the ‘usual’ effects (zero and negative) on consumption.  相似文献   

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The main purpose of the study is to determine the savings potential of urban and rural households in India and in the process determine the possible savings and consumption functions separately for urban and rural areas. Four different possible functions have been used for determining the savings behaviour of the households both at the aggregate level and at the per capita level. The rural households, according to the results, have an extremely low rate of saving with income elasticity of saving of less than unity. For the urban households on the other hand, the income elasticity of saving is high enough to suggest the possibilities of considerably high savings potential. To understand the consumption behaviour of these households, the long-run and the short-run marginal propensities to consume and the marginal propensities to consume out of‘permanent’ or ‘normal’ income and ‘transitory’ income have been worked out. For the urban sector none of these give encouraging enough results and the analysis has been extended to examine whether other factors like prices and household assets are of any significance. Whereas for the rural sector, Milton Friedman's theory of ‘permanent’ or ‘normal’ income is somewhat substantiated, other factors like ‘transitory’ income, prices and assets appear to inthence urban consumption behaviour though no single one of them substantially enough. A negligible effect of ‘permanent’ income on urban consumption behaviour is, on the other hand, very clearly suggested by the results. Household consumption and savings have next been projected using the above results to determine the possible levels for the next three years. The results suggest that the rate of domestic savings likely to be achieved by the end of the Third Five Year Plan (1965–66) falls short of the targets laid down.  相似文献   

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In laboratory asset markets, subjects trade shares of a firm whose profits in a linked product market determine dividends. Treatments vary whether dividend information is revealed once per period or in real time and whether the firm is controlled by a profit‐maximizing robot or human subject. The latter variation induces uncertainty about firm behavior, bridging the gap between laboratory and field markets. Our data replicate well‐known features of laboratory asset markets (e.g., bubbles), suggesting these are robust to a market‐based dividend process. Compared to a sample of previous experiments, both real‐time information revelation and endogenous uncertainty impede the bubble‐mitigating impact of experience.  相似文献   

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This paper presents a simple heterogeneous agent model to show that shocks that reduce aggregate borrowing capacity of producers under borrowing constraints cause endogenous productivity slowdowns through declines in asset prices and biased selections of producers. These dynamics of the model replicate the qualitative features of the Japanese economy during the 1990s, including a decline in the within effect in total factor productivity growth decomposition as well as default on mortgage loans. Policy experiments demonstrate that foreclosure restrictions already in place mitigate an exogenous productivity slowdown, but that a tightening of foreclosure restrictions causes an endogenous productivity slowdown.  相似文献   

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THE VALUATION OF NONMARKET ACTIVITIES IN INCOME ACCOUNTING   总被引:1,自引:0,他引:1  
Expanding a conventional national accounting framework in order to include activities that are not produced or consumed via ordinary markets requires the accountant to adopt some procedure for assigning unit values to these activities. Often, as is the case with governmental services, unit values are equated with unit costs of production.
This paper argues that the appropriate valuation generally differs depending on whether the activity is viewed from the perspective of the producer, the consumer, or society. The theoretical justification for this position is developed first for the case of nonmarketed environmental services and then for in-kind governmental transfers.
Rather than choosing a single unit value, the paper argues for and outlines an accounting system that will permit the simultaneous adoption of more than one valuation. Techniques for implementing the system for the environment and for in-kind transfers are discussed.
Finally, drawing on the experience of the authors, the paper argues for the importance of developing data sets with more than one valuation. The authors claim that the effort to implement the system has generated valuable ancillary data sets even though data limitations and unresolved methodological questions have precluded complete implementation.  相似文献   

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This article examines the relationship between wealth accumulation and job search dynamics. It proposes a model in which risk‐averse individuals search for jobs, save, and borrow to smooth their consumption. One motivation for accumulating wealth is to finance voluntary quits in order to search for better jobs. Using data on men from the National Longitudinal Survey (1979 cohort), I estimate the individual's dynamic decision problem. The results show that borrowing constraints are tight and reinforce the influence of wealth on job acceptance decisions, namely that more initial wealth and access to larger amounts of credit increase wages and unemployment duration.  相似文献   

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Has economic growth in developing countries led to increasing inequality in the size distribution of income? Following a brief review of the advantages and deficiencies of several traditional measures of income distribution, the author examines the evidence from Puerto Rico, Argentina, and Mexico in recent years. The findings suggest that the income shares received by the lower half and by the top 5 per cent of families in Puerto Rico and Mexico have declined from 1950 to 1963, while the income shares received by the bottom nine deciles of families in Argentina have also fallen during the same period. The rising Gini ratio and standard deviation of the logs of income, both indicating greater inequality, contrast with a declining coefficient of variation for all three countries. More detailed sectoral distributions for each year reveal greater equality within agriculture than non-agriculture for Puerto Rico and Mexico, while Argentina and the United States demonstrate less equality within agriculture. The trends in the countrywide distributions are consistent with the observation of the increasing differential between sectors, the increasing weight of the more unequal sector, and the increasing level of inequality within both sectors. These trends, however, are qualified by the particular set of measures which are applied to the data. Finally, the author speculates on possible explainations for these trends in terms of changes in the crop and industry mix.  相似文献   

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This paper examines two different approaches to the estimation of the size distribution of wealth. The first section describes new estimates for the distribution in Britain in 1968 using the estate method and discusses the sensitivity of the results to the main assumptions. The second section presents preliminary estimates using the investment data, a method which has not been widely used. In the final section the results obtained for the upper tail of the distribution from the two methods are compared.  相似文献   

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Abstract. We construct asset markets of the type studied in Smith et al. (1988) , in which price bubbles and crashes are widely observed. In addition to a spot market, there are futures markets in operation, one maturing at the beginning of each period of the life of the asset. We find that when futures markets are present, bubbles do not occur in the spot markets. The futures markets seem to reduce the speculation and the decision errors that appear to give rise to price bubbles in experimental asset markets.  相似文献   

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