Does income inequality affect aggregate consumption? Revisiting the evidence

Cuaresma, Jesús Crespo; Kubala, J. J.; Petrikova, Kristina

doi:10.1007/s00181-017-1302-x

Cited by 11 publications

(3 citation statements)

References 16 publications

(11 reference statements)

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“…Çalışmaların çoğunda gelir eşitsizliğindeki artışın, harcamaları azalttığı bulunmuştur (Van Doorn;1975, Blinder;1975, Della Valle & Oguchi;1976, Borooah & Sharpe;1986, Khan;1987, Bunting;1991, Stockhammer, Onaran & Ederer;2009, Wunder;2012, Carvalho & Rezai;2016, Kim, Setterfield & Mei;2015). Buna karşın bu grupta yer alan bazı çalışmalarda ise gelir dağılımı ile tüketim eğilimi arasında anlamlı bir ilişki bulunamamıştır (Schmidt-Hebbel & Serven;2000, Prante;2018, Cuaresma, Kubala & Petrikova;2018).…”

Section: Li̇teratür Taramasiunclassified

OECD Ülkelerinde Gelir Eşitsizliği-Gösteriş Tüketimi İlişkisi: Uzun Dönemli Bir Analiz

Bilik¹,

Aydın

2023

Yönetim Ve Ekonomi Dergisi

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Bu çalışmada, OECD ülkelerinde gelir dağılımı ve tüketim harcamaları incelenmektedir. Bu çerçevede 34 OECD ülkesini ve 1970-2021 dönemini kapsayan veri seti kullanılmıştır. Çalışmada hem içsellik problemini gidermek hem de uzun dönemde dinamik süreci daha iyi açıklayabilmek amacıyla “Dinamik panel veri” tekniği uygulanmıştır. Buna ek olarak, söz konusu ilişki üç farklı gelir dağılımı göstergesi üzerinden incelenmiştir. Bu sayede, nispi gelir hipotezinin uzantıları olarak ele alınan, Frank (2014) ve Christensen ve Morgan (2005) hipotezleri test edilmiş, ayrıca uygulama sonuçlarının dirençli olup olmadığını sorgulanmıştır. Elde edilen bulgular gelir eşitsizliğindeki artışın toplam harcamaları artırdığını göstermektedir. Bu sonuç “Gösteriş tüketimi” olgusunu doğrulamakta ve dolayısıyla Duesenberry (1949)’nin hipotezini destekleyen katsayı ile örtüşmektedir. Buna göre, gelir eşitsizliğindeki artış, gösteriş tüketimi üzerinden toplam harcamaları artırmaktadır. Anahtar Kelimeler: Tüketim Harcamaları, Gelir dağılımı, Panel veri Analizi. JEL Sınıflandırması: D12, D31, C23

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Section: Li̇teratür Taramasiunclassified

OECD Ülkelerinde Gelir Eşitsizliği-Gösteriş Tüketimi İlişkisi: Uzun Dönemli Bir Analiz

Bilik¹,

Aydın

2023

Yönetim Ve Ekonomi Dergisi

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“…While Koo and Song (2016) report that aggregate saving rates increase with income inequality due to the rich saving more, Klein (2015), Perugini et al (2016), , Behringer and van Treeck (2019) and Petach and Tavani (2021) find evidence for a negative relationship between savings and inequality, in line with the expenditure cascades hypothesis. Most studies fail to find a significant effect in either direction, though (Bordo and Meissner 2012;Cuaresma et al 2018;Gu and Huang 2014;Gu et al 2015;Leigh and Posso 2009;Schmidt-Hebbel and Serven 2000;Wildauer and Stockhammer 2018). Cuaresma et al (2018), Gu and Huang (2014) and Gu et al (2015) highlight the potential relevance of unobservable intermittent country characteristics shaping the relationship between savings decisions and inequality, which might in part explain why Bofinger and Scheuermeyer (2019) find a strongly non-monotonic relationship between both.…”

Section: Related Literaturementioning

confidence: 97%

“…Most studies fail to find a significant effect in either direction, though (Bordo and Meissner 2012;Cuaresma et al 2018;Gu and Huang 2014;Gu et al 2015;Leigh and Posso 2009;Schmidt-Hebbel and Serven 2000;Wildauer and Stockhammer 2018). Cuaresma et al (2018), Gu and Huang (2014) and Gu et al (2015) highlight the potential relevance of unobservable intermittent country characteristics shaping the relationship between savings decisions and inequality, which might in part explain why Bofinger and Scheuermeyer (2019) find a strongly non-monotonic relationship between both. 3 Furthermore, Wildauer and Stockhammer (2018) highlight the time-scale of adjustments and show that with the proper controls and examining a long-run relationship, the effect of inequality on savings seizes to be significant.…”

Section: Related Literaturementioning

confidence: 97%

Essays on Aggregation With Heterogeneous and Interacting Agents

Schulz¹

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Aggregation is one, if not the fundamental challenge of the social sciences. Whenever agents on the micro level interact and are strongly heterogeneous, macro behavior might exhibit emergent properties and is likely irreducible to an ensemble of isolated actions at the micro level. Given the overwhelming complexity of those actions with myriads of agents interacting based on differing beliefs and along heterogeneous dimensions, any explanatory attempt needs to idealize and simplify to reduce this complexity. While the focus of behavioral macroeconomics is to refine behavioral rules, the interaction and heterogeneity of those sophisticated agents can therefore often only be considered to a limited extent. By contrast, the complexity economics approach typically assumes little sophistication and adaptive behavior and focuses on the impact of the intermediate layer between the micro and macro levels on aggregate outcomes, i.e., on distributional regularities and networks. This is the paradigm in which the thesis at hand is situated. Which approach is more appropriate to understand a specific economic phenomenon naturally depends on the network topology and actual heterogeneity of the empirical target system. Rather than substitutes, the central claim this thesis sets out to defend is thus that both perspectives complement each other and that a complexity perspective offers additional interpretations and implications concerning the same phenomenal domain. Instead of a conceptual discussion, it tries to employ the outlined pre-analytic vision and shows that the proposed parsimonious explanations are often observationally equivalent to attempts that attribute most of the observed macro outcomes to micro origins. In these cases, a complexity economics perspective might offer vastly different additional policy implications, e.g., it might help to identify pivotal agents for aggregate outcomes or show how changing social network topologies might influence mental models that more micro-oriented approaches cannot account for by construction.

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