Losers amongst the Losers:

IF 1.2 Q3 ECONOMICS Research in Economics Pub Date : 2023-03-01 DOI:10.1016/j.rie.2022.12.002

Alessandro Ferrari

引用次数: 0

Abstract

This paper studies the effect of deep recessions on intergenerational inequality by quantifying the welfare effects on households at different phases of the life cycle. Deep recessionary episodes are characterized by large declines in the prices of real and financial assets and in employment. The former levies high welfare costs on older households who own financial wealth, the latter determines labour income losses and destroys the human capital of younger cohorts, lowering their productivity. The paper extends previous analyses in the literature by including permanent labour income losses in an OLG model calibrated to match the Great Recession. The analysis shows that younger households lose more than double of all other living cohorts, as younger household become unemployed and experience a decline in their future income. The dynamics of households’ consumption and portfolio composition between 2007 and 2013 in the US are consistent with the predictions of the model.

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本文通过量化不同生命周期阶段的家庭福利效应，研究了深度衰退对代际不平等的影响。深度衰退时期的特点是实物和金融资产价格以及就业大幅下降。前者对拥有金融财富的老年家庭征收高额福利成本，后者决定了劳动收入的损失，并摧毁了年轻群体的人力资本，降低了他们的生产率。这篇论文扩展了之前的文献分析，将永久性劳动收入损失纳入了一个经过校准以匹配大衰退的OLG模型。分析显示，由于年轻家庭失业，未来收入下降，年轻家庭失去了所有其他生活群体的两倍多。2007年至2013年间，美国家庭消费和投资组合构成的动态与该模型的预测一致。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in Economics ECONOMICS-

CiteScore

1.40

自引率

0.00%

发文量

审稿时长

89 days

期刊介绍： Established in 1947, Research in Economics is one of the oldest general-interest economics journals in the world and the main one among those based in Italy. The purpose of the journal is to select original theoretical and empirical articles that will have high impact on the debate in the social sciences; since 1947, it has published important research contributions on a wide range of topics. A summary of our editorial policy is this: the editors make a preliminary assessment of whether the results of a paper, if correct, are worth publishing. If so one of the associate editors reviews the paper: from the reviewer we expect to learn if the paper is understandable and coherent and - within reasonable bounds - the results are correct. We believe that long lags in publication and multiple demands for revision simply slow scientific progress. Our goal is to provide you a definitive answer within one month of submission. We give the editors one week to judge the overall contribution and if acceptable send your paper to an associate editor. We expect the associate editor to provide a more detailed evaluation within three weeks so that the editors can make a final decision before the month expires. In the (rare) case of a revision we allow four months and in the case of conditional acceptance we allow two months to submit the final version. In both cases we expect a cover letter explaining how you met the requirements. For conditional acceptance the editors will verify that the requirements were met. In the case of revision the original associate editor will do so. If the revision cannot be at least conditionally accepted it is rejected: there is no second revision.