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The Stationery Distribution of Wealth with Random Shocks

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Author Info
Christopher Bliss () (Nuffield College, Oxford University)

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Abstract

A convergence model with wealth accumulation subject to i.i.d. random shocks is examined. The transfer function shows what k_{t+1} - wealth at t+1 - would be, given k_t, with no shock: It has a positive slope, but its concavity/convexity is indeterminate. The stationary distribution of wealth satisfies a Fredholm integral equation. This distribution can be examined by direct analysis of the wealth-accumulation stochastic process and via the Fredholm equation. The analysis resembles some econometric theory of time series. Economic theory forces consideration of a broad range of cases, including some which violate B-convergence. "Twin peaks" in the stationary distribution cannot be excluded.

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Publisher Info
Paper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2002-W6.

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Length: 31 pages
Date of creation: 01 Jan 2002
Date of revision:
Handle: RePEc:nuf:econwp:0206

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Web page: http://www.nuff.ox.ac.uk/economics/

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Related research
Keywords: Convergence; stochastic process; wealth distribution;

Find related papers by JEL classification:
D3 - Microeconomics - - Distribution
E1 - Macroeconomics and Monetary Economics - - General Aggregative Models

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References listed on IDEAS
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    Other versions:
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    Other versions:
  3. Binder, M. & Pesaran, M.H., 1996. "Stochastic Growth," Cambridge Working Papers in Economics 9615, Faculty of Economics, University of Cambridge.
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    Other versions:
  8. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May. [Downloadable!] (restricted)
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    Other versions:
  10. Bliss, Christopher, 1999. "Galton's Fallacy and Economic Convergence," Oxford Economic Papers, Oxford University Press, vol. 51(1), pages 4-14, January.
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  12. Quah, Danny T., 1996. "Empirics for economic growth and convergence," European Economic Review, Elsevier, vol. 40(6), pages 1353-1375, June. [Downloadable!] (restricted)
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