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Inheritance, Steady-State Consumption Inequality, and the Lifetime Earnings Process

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  • Wilhelm, Mark O

Abstract

This paper presents a tractable model where the effect of inheritance on steady-state consumption inequality can be derived under both linear and piecewise linear bequest functions. As has been found in previous research, the linear bequest function yields inheritances which reduce consumption inequality regardless of the model's parameters. However, in the piecewise linear model, whether inheritances increase or reduce steady-state consumption inequality depends on the magnitude of the marginal propensity to bequeath, the amount of earnings inequality, and the degree of intergenerational earnings mobility. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 65 (1997)
Issue (Month): 4 (September)
Pages: 466-76

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Handle: RePEc:bla:manch2:v:65:y:1997:i:4:p:466-76

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Cited by:
  1. Christian Kleiber & Martin Sexauer & Klaus Waelde, 2006. "Bequests, Taxation and the Distribution of Wealth in a General Equilibrium Model," CESifo Working Paper Series 1723, CESifo Group Munich.
  2. Jagadeesh Gokhale & Laurence J. Kotlikoff, 1999. "The impact of Social Security and other factors on the distribution of wealth," Working Paper 9913, Federal Reserve Bank of Cleveland.
  3. Jagadeesh Gokhale & Laurence J. Kotlikoff & James Sefton & Martin Weale, 1998. "Simulating the transmission of wealth inequality via bequests," Working Paper 9811, Federal Reserve Bank of Cleveland.

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