@article{Carrolletal2017,
  title = {The Distribution of Wealth and the Marginal Propensity to Consume},
  author = {Carroll, Christopher and Slacalek, Jiri and Tokuoka, Kiichi and White, Matthew N.},
  year = {2017},
  journal = {Quantitative Economics},
  volume = {8},
  number = {3},
  pages = {977--1020},
  doi = {10.3982/qe694},
  url = {https://doi.org/10.3982/QE694},
  abstract = {In a model calibrated to match micro- and macroeconomic evidence on house- hold income dynamics, we show that a modest degree of heterogeneity in house- hold preferences or beliefs is sufficient to match empirical measures of wealth inequality in the United States. The heterogeneity-augmented model's predic- tions are consistent with microeconomic evidence that suggests that the annual marginal propensity to consume (MPC) is much larger than the roughly 0?04 im- plied by commonly used macroeconomic models (even ones including some het- erogeneity). The high MPC arises because many consumers hold little wealth de- spite having a strong precautionary motive. Our model also plausibly predicts that the aggregate MPC can differ greatly depending on how the shock is distributed across households (depending, e.g., on their wealth, or employment status).},
  keywords = {Determinants of Wealth and Wealth Inequality,Impacts of Wealth Inequality}
}

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