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漢青論壇第289期:9月25日張宇助理教授
(漢青經濟與金融高級研究院發布于:2019-09-20 11:19:12)

本期主題: 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. 

 

報告人:張宇助理教授, 光華管理學院

時間:9月25日(周三) 12:15

地點:明德主樓515教師交流室

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報告人簡介:

張宇現任光華管理學院金融系助理教授。他畢業于普林斯頓大學獲得經濟學博士學位。他的學術興趣包括宏觀金融天王彩票天王彩票,資產定價,房地產,家庭金融和貨幣政策研究天王彩票。

 

 


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