论文标题：The Income Fluctuation Problem and the Evolution of Wealth 

　　发表时间：202005

　　论文所有作者：Qingyin Ma，John Stachurski，Alexis Toda

　　期刊名及所属分类：Journal of Economic Theory (国际A)

　　英文摘要：We analyze the household savings problem in a general setting where returns on assets, non-financial income and impatience are all state dependent and fluctuate over time. All three processes can be serially correlated and mutually dependent. Rewards can be bounded or unbounded, and wealth can be arbitrarily large. Extending classic results from an earlier literature, we determine conditions under which (a) solutions exist, are unique and are globally computable, (b) the resulting wealth dynamics are stationary, ergodic and geometrically mixing, and (c) the wealth distribution has a Pareto tail. We show how these results can be used to extend recent studies of the wealth distribution. Our conditions have natural economic interpretations in terms of asymptotic growth rates for discounting and return on savings.

　　中文摘要：我们分析了一般背景下的家庭储蓄问题，其中资产回报、非金融收入和不耐烦都是国家依赖的，并随时间波动。这三个过程可以是连续相关和相互依赖的。奖励可以是有界的，也可以是无界的，财富可以是任意大的。扩展早期文献的经典结果，我们确定以下条件:(a)解存在，是唯一的，是全球可计算的，(b)由此产生的财富动态是平稳的，遍历和几何混合，以及(c)财富分配有帕累托尾巴。我们展示了这些结果如何可以用来扩展最近的财富分配研究。从贴现率和储蓄回报的渐进增长率来看，我们的条件具有自然的经济解释。