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Piketty's Book and Macro Models of Wealth Inequality

Mariacristina De Nardi (), Giulio Fella and Fang Yang ()

No 21730, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Piketty's book, Capital in the Twenty-First Century, discusses several factors affecting wealth inequality: rates of return on capital, output growth rates, tax progressivity, top income shares, and heterogeneity in saving rates and inheritances. This paper studies the role of various forces affecting savings in quantitative models of wealth inequality, discusses their successes and failures in accounting for the observed facts, and compares these model's implications with Piketty's conclusions.

JEL-codes: D14 E21 H2 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-his, nep-hpe, nep-mac and nep-pbe
Date: 2015-11
Note: PE
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Published as De Nardi, Mariacristina & Giulio , Fella & Yang, Fang, 2016. "Piketty’s Book and Macro Models of Wealth Inequality," Chicago Fed Letter, Federal Reserve Bank of Chicago.

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