| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29544 |
| 来源ID | Working Paper 29544 |
| Capital Return Jumps and Wealth Distribution | |
| Jess Benhabib; Wei Cui; Jianjun Miao | |
| 发表日期 | 2021-12-06 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The distributions of wealth in the US and many other countries are strikingly concentrated on the top and skewed to the right. To explain the income and wealth inequality, we provide a tractable heterogeneous-agent model with incomplete markets in continuous time. We separate illiquid capital assets from liquid bond assets and introduce capital return jump risks. Under recursive utility, we derive optimal consumption and wealth in closed form and show that the stationary wealth distribution has an exponential right tail. Our calibrated model can match the income and wealth distributions in the US data including the extreme right tail. We also study the effect of taxes on the distribution of wealth. |
| 主题 | Microeconomics ; Mathematical Tools ; Economics of Information ; Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w29544 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587218 |
| 推荐引用方式 GB/T 7714 | Jess Benhabib,Wei Cui,Jianjun Miao. Capital Return Jumps and Wealth Distribution. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29544.pdf（570KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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