Savings, Intergenerational Transfers, and the Distribution of Wealth

Ignacio Ponce Ocampo and Kazuhiro Yuki ()
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Ignacio Ponce Ocampo: Faculty of Economics, Kyoto University

Macroeconomics from EconWPA

Abstract: This paper investigates the quantitative importance of different savings motives on the distributions of wealth and consumption and aggregate capital accumulation by solving an overlapping generations model with intragenerational heterogeneity. Agents differ in age, ability, earnings shocks, and inherited bequests. In the baseline economy, there are uninsurable idiosyncratic risks associated with uncertain lifetime and earnings shocks. The model is calibrated to the U.S. economy and solved numerically. Then the allocations of the baseline economy are compared with those of an economy with complete annuity markets, one without earnings uncertainty, and one without altruism.

Keywords: Savings; Intergenerational Transfers; Wealth Distribution (search for similar items in EconPapers)
JEL-codes: E21 D31 D91 (search for similar items in EconPapers)
Date: 2005-09-02
Note: Type of Document - pdf; pages: 40
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http://129.3.20.41/eps/mac/papers/0509/0509001.pdf (application/pdf)

Related works:
Journal Article: SAVINGS, INTERGENERATIONAL TRANSFERS, AND THE DISTRIBUTION OF WEALTH (2006)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpma:0509001

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