1.报告人

苗建军，美国波士顿大学经济系终身正教授

苗建军，美国波士顿大学经济系终身正教授，中国科学技术大学数学学士，美国罗彻斯特大学经济学博士。研究领域为宏观经济学和金融学。主要研究方向是模糊决策、资产泡沫、信息摩擦和金融危机、财富分配、资产定价理论、契约理论、公司理财和随机动态一般均衡模型等等。他已经在国际顶级期刊发表了50多篇论文，期刊包括经济学排名前五的American Economic Review和Econometrica，宏观顶级期刊American Economic Journal: Macroeconomics，Journal of Monetary Economics，Review of Economic Dynamics，金融顶级期刊Journal of Finance，Journal of Financial Economics，Review of Financial Studies，微观顶级期刊Journal of Economic Theory，Theoretical Economics。在MIT出版社出版专著1本。同时担任Quantitative Economics, Economic Theory, Macroeconomic Dynamics, Journal of Mathematical Economics， Annals of Economics and Finance等国际知名期刊的副主编。

2.时间

2023年12月20日（周三）上午10:00-11:30

3.地点

中央财经大学学院南路校区学术会堂702

4.主办单位

一竞技

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.