Aggregate dividends and consumption smoothing

doi:10.1016/j.irfa.2015.08.008

2015-12-01

Winifred Huang *

Mark Freeman

DOI：10.1016/j.irfa.2015.08.008

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摘要

En 中文

We show that net equity payouts from the corporate sector play a crucial role in helping individuals manage their consumption path across the business cycle. In particular, we show that, as investors' desire to smooth consumption increases, optimal aggregate dividends become both more volatile and more counter-cyclical to help counterbalance pro-cyclical labor income. These findings are robust to whether or not agency conflicts exist in the economy. (C) 2015 Elsevier Inc. All rights reserved.

Keyword:

Aggregate dividend policy

Consumption smoothing

Habit formation

Dynamic stochastic general equilibrium models

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期刊

International Review of Financial Analysis

IF:

9.8

论文数:

4.2K

被引数:

1.9W

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Loughborough University

学者数:

9.9K

论文数: 1.0W

被引数: 1.3W

University of Essex

学者数:

4.0K

论文数: 4.8K

被引数: 5

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