TY  - BOOK
AU  - Jappelli, Tullio
AU  -  Pistaferri, Luigi
TI  - Permanent Income Shocks, Target Wealth, and the Wealth Gap
SN  - 1945-7707
PB  - American Economic Journal: Macroeconomics
KW  -  Consumption
KW  -  Household Finance
KW  -  Household Saving
KW  -  Life Cycle Models
KW  - Macroeconomics
N2  - We test the key implication of the buffer-stock model, namely that any revision in permanent income leads to a proportionate revision in target wealth. We use panel data on the amount of wealth that people think they must hold for precautionary purposes.
UR  - https://www.aeaweb.org/articles?id=10.1257/mac.20220160
ER  -