The Trickling Up of Excess Savings

Adrien Auclert, Matthew Rognlie, Ludwig Straub
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Abstract

We provide a simple framework connecting the distribution of excess savings across households to the dynamics of aggregate demand. Deficit-financed fiscal transfers generate excess savings. The poorest households with the highest marginal propensities to consume (MPCs) spend down their excess savings the fastest, increasing other households' incomes and their excess savings. This leads to a long-lasting increase in aggregate demand until, ultimately, excess savings have “trickled up” to the richest savers with the lowest MPCs, raising wealth inequality.
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过剩储蓄的涓滴效应
我们提供了一个简单的框架,将家庭间过剩储蓄的分配与总需求的动态联系起来。赤字融资的财政转移产生了过剩储蓄。具有最高边际消费倾向(mpc)的最贫穷家庭以最快的速度花掉他们的超额储蓄,从而增加了其他家庭的收入和他们的超额储蓄。这将导致总需求的长期增长,直到最终,过剩储蓄“涓滴”流向mpc最低的最富有储户,加剧财富不平等。
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