Pilnik N.P., Pospelov I.G., Uzhegov A.A.Published in:
Global Markets and Financial Engineering (Russian version)
– Volume 4, Number 4 (October-December 2017)

JEL classification: D13, E03, E17, E21

Keywords: heterogeneous households, income and expenditure balance, macroeconomic balances, macroeconomics


Share:

Abstract:

This paper suggests methods for analyzing the activities of certain income groups of households in the Russian Federation in the management of their savings and loans in the framework of dynamic models of rational behavior of macroeconomic agents. The statistical base of the research is the balance of incomes and expenditures of the population, obtained as a result of aggregation of the published tables by Rosstat. Models of individual income groups (heterogeneous households) are dynamic tasks of rational behavior that are similar in structure but differ in the estimated coefficients and, as a result, the reaction of income groups to the current economic policy. The latter fact makes it possible to use this model as a tool for assessing the measures taken and reforms.

---

References:
Aiyagari S.R. (1994). Uninsured idiosyncratic risk and aggregate saving Quarterly Journal of Economics. (109(3)). 659-684.
Bewley T. (1983). A difficulty with the optimum quantity of money Econometrica. (51(5)). 1485-1504.
Cubeddu L., Rios-Rull J. (2003). Families as shocks Journal of the European Economic Association. (1(2-3)). 671-682.
Davis M., Heathcote J. (2007). The price and quantity of residential land in the United States Journal of Monetary Economics. (54(8)). 2595-2620.
Domeij D., Heathcote J. (2004). On the distributional effects of reducing capital taxes International Economic Review. (45(2)). 523-554.
Hansen G.D., Imrohoroglu A. (1992). The role of unemployment insurance in an economy with liquidity constraints and moral hazard Journal of Political Economy. (100(1)). 118-142.
Hassler J., Rodriguez-Mora J.V., Storesletten K., Zilibotti F. (2005). A positive theory of geographical mobility and social insurance International Economic Review. (46(1)). 263-303.
Heathcote J. (2005). Fiscal policy with heterogeneous agents and incomplete markets Reviewof Economic Studies. (72(1)). 161-188.
Heathcote J., Storesletten K., Violante G.L. (2008). Insurance and opportunities: a welfare analysis of labor market risk Journal of Monetary Economics.
Hong J.H, Rios-Rull J. (2007). Social security, life insurance and annuities for families Journal of Monetary Economics. (54(1)). 118-140.
Hubbard R.G., Skinner J., Zeldes S.P. (1995). Precautionary saving and social insurance Journal of Political Economy. (103(2)). 360-399.
Huggett M. (1993). The risk-free rate in heterogeneous-agent incomplete-insurance economies Journal of Economic Dynamics and Contro. (17). 953-969.
Imrohoroglu,A. (1989). Cost of business cycles with indivisibilities and liquidity constraints Journal of Political Economy. (97(6)). 1364-1383.
Keane M.P., Wolpin K.I. (1997). The career decisions of young men Journal of PoliticalEconomy. (105(3)). 473-522.
Krusell P., Smith A.A. (1998). Income and Wealth Heterogeneity in the Macroeconomy Journal of Political Economy. (106). 867-896.
Lillard L.A., Willis R.J. (1978). Dynamic aspects of earning mobility Econometrica. (46(5)). 985-1012.
Low H. (2005). Self-insurance in a life-cycle model of labour supply and savings Review of Economic Dynamics. (8(4)). 945-975.
Massa M., Simonov A. (2006). Hedging, familiarity and portfolio choice Review of Financial Studies. (19920). 633-685.
Palumbo M.G. (1999). Uncertain medical expenses and precautionary saving near the end of the life cycle Review of Economic Studies. (66(2)). 395-421.
Quadrini V. (2000). Entrepreneurship, saving and social mobility Review of EconomicDynamics. (3(1)). 1-40.
Zhang H.H. (1997). Endogenous borrowing constraints with incomplete markets Journal of Finance. (52(5)). 2187-2209.