Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/320318 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Quantitative Economics [ISSN:] 1759-7331 [Volume:] 15 [Issue:] 4 [Year:] 2024 [Pages:] 1197-1247
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
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.
Schlagwörter: 
Wealth distribution
inequality
heterogeneous agents
incompletemarkets
exponential tail
JEL: 
C61
E21
E22
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by-nc Logo
Dokumentart: 
Article

Datei(en):
Datei
Größe
846.33 kB





Publikationen in EconStor sind urheberrechtlich geschützt.