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| 02545nam 2200409zi 4500 |
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| 001 | 9.932254 |
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| 003 | CaOODSP |
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| 005 | 20240129102557 |
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| 006 | m o d f |
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| 007 | cr mn||||||||| |
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| 008 | 240110t20232023onca ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 041 | 0 |aeng|beng|bfre |
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| 086 | 1 |aFB3-5/2023-59E-PDF |
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| 100 | 1 |aWang, Tao, |eauthor. |
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| 245 | 10|aPerceived versus calibrated income risks in heterogeneous-agent consumption models / |cby Tao Wang. |
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| 264 | 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2023. |
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| 264 | 4|c©2023 |
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| 300 | |a1 online resource (ii, 63 pages) : |billustrations (chiefly colour). |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2023-59 |
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| 500 | |aISSN assigned to different series. |
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| 500 | |a"Last updated: December 27, 2023." |
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| 504 | |aIncludes bibliographical references (pages 45-49). |
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| 520 | 3 |a"Models of microeconomic consumption (including those used in heterogeneous-agent macroeconomic models) typically calibrate the size of income risk to match panel data on household income dynamics. But, for several reasons, what is measured as risk from such data may not correspond to the risk perceived by the agent. This paper instead uses data from the Federal Reserve Bank of New York's Survey of Consumer Expectations to directly calibrate perceived income risks. One of several examples of the implications of heterogeneity in perceived income risks is increased wealth inequality stemming from differential precautionary saving motives. I also explore the implications of the fact that the perceived risk is lower than the calibrated level of risk either because of unobserved heterogeneity by researchers or because of overconfidence by the agents"--Abstract, page ii. |
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| 546 | |aIncludes abstracts in English and French. |
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| 650 | 0|aWages|xEconometric models. |
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| 650 | 0|aLabor market|xEconometric models. |
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| 650 | 0|aRisk|xEconometric models. |
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| 650 | 6|aSalaires|xModèles économétriques. |
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| 650 | 6|aMarché du travail|xModèles économétriques. |
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| 650 | 6|aRisque|xModèles économétriques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2023-59.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.89 MB|uhttps://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-5-2023-59-eng.pdf |
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