THE DISTRIBUTION OF WEALTH IN THE BLANCHARD–YAARI MODEL

Jess Benhabib, Alberto Bisin and Shenghao Zhu ()

Macroeconomic Dynamics, 2016, vol. 20, issue 2, 466-481

Abstract: We study the dynamics of the distribution of wealth in an economy with infinitely lived agents, intergenerational transmission of wealth, and redistributive fiscal policy. We show that wealth accumulation with idiosyncratic investment risk and uncertain lifetimes can generate a double Pareto wealth distribution.

Date: 2016
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