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The Ergodic Distribution of Wealth with Random Shocks

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  • Christopher Bliss
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    Abstract

    A convergence model in which wealth accumulation is subject to i.i.d. random shocks is examined. The accumulation functions shows what k_{t+1} - wealth at t+1 - would be given k_t and with no shock. It has a positive slope, but its concavity or convexity is indeterminate. The focus is the ergodic distribution of wealth. This distribution satisfies a Fredholm integral equation. The ergodic distribution can be characterized in some respects by direct analysis of the stochastic process governing wealth accumulation and by use of the Fredholm equation without solution. Multiple local maxima in the ergodic distribution cannot be ruled out.

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    File URL: http://www.nuff.ox.ac.uk/economics/papers/1998/w12/fred798.pdf
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    Bibliographic Info

    Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 1998-W12.

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    Date of creation: 01 Jul 1998
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    Handle: RePEc:oxf:wpaper:1998-w12

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    Related research

    Keywords: Convergence; stochastic process; wealth distribution;

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    1. Sala-i-martin, X., 1995. "The Classical Approach to Convergence Analysis," Papers 734, Yale - Economic Growth Center.
    2. Barro, Robert J, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 407-43, May.
    3. Friedman, Milton, 1992. "Do Old Fallacies Ever Die?," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 2129-32, December.
    4. Quah, Danny, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEPR Discussion Papers 1355, C.E.P.R. Discussion Papers.
    5. Bliss, C., 1995. "Capital Mobility, Convergence Clubs and Long-Run Economic Growth," Economics Papers 100, Economics Group, Nuffield College, University of Oxford.
    6. Danny Quah, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEP Discussion Papers dp0280, Centre for Economic Performance, LSE.
    7. Steindl, Josef, 1972. "The Distribution of Wealth after a Model of Wold and Whittle," Review of Economic Studies, Wiley Blackwell, vol. 39(3), pages 263-79, July.
    8. Quah, Danny, 1993. " Galton's Fallacy and Tests of the Convergence Hypothesis," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(4), pages 427-43, December.
    9. Quah, Danny T., 1996. "Empirics for economic growth and convergence," European Economic Review, Elsevier, vol. 40(6), pages 1353-1375, June.
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