富人储蓄率理论
A Theory of the Saving Rate of the Rich
摘要：
经验证据表明，富人比穷人更倾向于储蓄。虽然这一观察似乎与偏好的相似性相矛盾，但我们从理论上证明了事实并非如此。具体来说，我们考虑了具有相似偏好和一般冲击的收入波动问题，并证明了消费函数是渐进线性的，并且具有渐进边际消费倾向（MPC）的精确分析特征。我们提供了渐近MPC为零的充分必要条件。我们校准模型与标准的常数相对风险厌恶效用和零渐近MPC的经验是合理的，这意味着我们的机制有可能容纳一个大的储蓄率的富人和高财富不平等（小帕累托指数）的数据中观察到的。
英文摘要：
Empirical evidence suggests that the rich have higher propensity to save than do the poor. While this observation may appear to contradict the homotheticity of preferences, we theoretically show that that is not the case. Specifically, we consider an income fluctuation problem with homothetic preferences and general shocks and prove that consumption functions are asymptotically linear, with an exact analytical characterization of asymptotic marginal propensities to consume (MPC). We provide necessary and sufficient conditions for the asymptotic MPCs to be zero. We calibrate a model with standard constant relative risk aversion utility and show that zero asymptotic MPCs are empirically plausible, implying that our mechanism has the potential to accommodate a large saving rate of the rich and high wealth inequality (small Pareto exponent) as observed in the data.
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