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【威尼斯赌博app论坛】第289期:9月25日 张宇助理教授
浏览次数:363次 | 发布时间:2019-09-25

威尼斯赌博app论坛第289期:925日张宇助理教授

本期主题: Transmission of Income Inequality to Consumption Inequality: The Role of Firm 


摘要:

Inequality in income does not necessarily translate one-to-one to inequality in consumption; the extent to which income inequality matters depends on the degrees of this transmission. Using a matched firm-worker income-consumption-financials dataset from a large Asian bank, we show that the boundary of the firm is important for the consumption outcomes of income inequality. Specifically, we document that within-firm inequality in income translates significantly less to inequality in consumption than does between-firm income inequality. We examine three potential mechanisms: (1) persistence with regard to the permanent income hypothesis, (2) self-insurance with respect to the differential exposure by more versus less wealthy workers, and (3) peer effects in terms of consumption and financial behaviors being influenced by coworkers within the firm. We show in a joint test that all three channels signifcantly explain the gap in the consumption outcomes of within- versus between-firm income inequality, with the persistence channel being the most economically important, followed not far by self-insurance and peer effects. 


报告人:张宇助理教授, 光华管理学院

时间:925日(周三) 1215

地点:明德主楼515教师交流室


报告人简介:


张宇现任光华管理学院金融系助理教授。他毕业于普林斯顿大学获得经济学博士学位。他的学术兴趣包括宏观金融,资产定价,房地产,家庭金融和货币政策研究。