Marital Instability and the Distribution of Wealth

John Knowles and Nezih Guner

No 785, 2007 Meeting Papers from Society for Economic Dynamics

Abstract: The levels of wealth differ significantly among people who are approaching their retirement both by current marital status as well as by marital histories. We develop an equilibrium model of marriage and divorce and household savings, in which the interplay between endogenous formation and dissolution of families and savings decisions plays a key role. We show that a calibrated version of the model can reproduce observed patterns of wealth inequality by marital status and marital history, and highlight the role of endogenous marriage formation in wealth accumulation.

Date: 2007
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