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- W3167857101 abstract "In the United States, market hours worked are approximately flat across the wealth distribution. Accounting for this phenomenon is a standing challenge for standard heterogeneous-agent macro models. In these models, wealthier households consume more, enjoy more leisure, and work less. We propose a theory that generates the cross-sectional wealth-hours relation as in the data. We quantify this theory in the context of a new general-equilibrium heterogeneous-agent incomplete-markets model with three key features: a choice in consumption, non-homothetic preferences, and a multi-sector production structure. As external validation, we show that the model produces expenditure patterns that are consistent with the data, as well as realistic quality Engel curves." @default.
- W3167857101 created "2021-06-22" @default.
- W3167857101 creator A5040469401 @default.
- W3167857101 creator A5057025016 @default.
- W3167857101 date "2020-01-01" @default.
- W3167857101 modified "2023-09-25" @default.
- W3167857101 title "Wealth and Hours" @default.
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- W3167857101 doi "https://doi.org/10.2139/ssrn.3740240" @default.
- W3167857101 hasPublicationYear "2020" @default.
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