1.報告人

苗建軍，美國波士頓大學經濟系終身正教授

苗建軍，美國波士頓大學經濟系終身正教授，中國科學技術大學數學學士，美國羅徹斯特大學經濟學博士。研究領域為宏觀經濟學和金融學。主要研究方向是模糊決策、資産泡沫、信息摩擦和金融危機、财富分配、資産定價理論、契約理論、公司理财和随機動态一般均衡模型等等。他已經在國際頂級期刊發表了50多篇論文，期刊包括經濟學排名前五的American Economic Review和Econometrica，宏觀頂級期刊American Economic Journal: Macroeconomics，Journal of Monetary Economics，Review of Economic Dynamics，金融頂級期刊Journal of Finance，Journal of Financial Economics，Review of Financial Studies，微觀頂級期刊Journal of Economic Theory，Theoretical Economics。在MIT出版社出版專著1本。同時擔任Quantitative Economics, Economic Theory, Macroeconomic Dynamics, Journal of Mathematical Economics， Annals of Economics and Finance等國際知名期刊的副主編。

2.時間

2023年12月20日（周三）上午10:00-11:30

3.地點

韦德体育bevictor學院南路校區學術會堂702

4.主辦單位

韦德体育bevictor

5.摘要

Compared to the distributions of earnings, the distributions of wealth in the US and many other countries are strikingly concentrated on the top and skewed to the right. To explain the income and wealth inequality, we provide a tractable heterogeneous-agent model with incomplete markets in continuous time. We separate illiquid capital assets from liquid bond assets and introduce jump risks to capital income, which are crucial for generating a thicker tail of the wealth distribution than that of the labor income distribution. Under recursive utility, we derive optimal consumption and wealth in closed form and show that the stationary wealth distribution has an exponential right tail that closely approximates a power-law distribution. Our calibrated model can match the income and wealth distributions in the US data including the extreme right tail of the wealth distribution. We also find that taxing the capital jump incomes reduces wealth inequality and may have less distortionary effects.