Accounting for the Heterogeneity in Retirement Wealth

Fang Yang

No 94, 2006 Meeting Papers from Society for Economic Dynamics

Abstract: This paper studies a quantitative dynamic general equilibrium life-cycle model where parents and their children are linked by bequests, both voluntary and accidental, and by the transmission of earnings ability. This model is able to match very well the empirical observation that households with similar lifetime incomes hold very different amounts of wealth at retirement. Income heterogeneity and borrowing constraints are essential in generating the variation in retirement wealth among low lifetime income households, while the existence of intergenerational links is crucial in explaining the heterogeneity in retirement wealth among high lifetime income households

Keywords: Wealth Inequality; Incomplete Markets (search for similar items in EconPapers)
JEL-codes: E21 H31 H55 (search for similar items in EconPapers)
Date: 2006
New Economics Papers: this item is included in nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Working Paper: Accounting for the Heterogeneity in Retirement Wealth (2009)
Working Paper: Accounting for the Heterogeneity in Retirement Wealth (2008)
Working Paper: Accounting for the heterogeneity in retirement wealth (2005)
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