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Savings, Intergenerational Transfers, and the Distribution of Wealth

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Author Info

  • Ignacio Ponce Ocampo

    (Faculty of Economics, Kyoto University)

  • Kazuhiro Yuki

    (Faculty of Economics, Kyoto University)

Abstract

This paper investigates the quantitative importance of different savings motives on the distributions of wealth and consumption and aggregate capital accumulation by solving an overlapping generations model with intragenerational heterogeneity. Agents differ in age, ability, earnings shocks, and inherited bequests. In the baseline economy, there are uninsurable idiosyncratic risks associated with uncertain lifetime and earnings shocks. The model is calibrated to the U.S. economy and solved numerically. Then the allocations of the baseline economy are compared with those of an economy with complete annuity markets, one without earnings uncertainty, and one without altruism.

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File URL: http://128.118.178.162/eps/mac/papers/0509/0509001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0509001.

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Length: 40 pages
Date of creation: 02 Sep 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0509001

Note: Type of Document - pdf; pages: 40
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Web page: http://128.118.178.162

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Keywords: Savings; Intergenerational Transfers; Wealth Distribution;

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References

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  1. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  2. Becker, Gary S, 1974. "A Theory of Social Interactions," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1063-93, Nov.-Dec..
  3. Blinder, Alan S, 1973. "A Model of Inherited Wealth," The Quarterly Journal of Economics, MIT Press, vol. 87(4), pages 608-26, November.
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Cited by:
  1. Fang (Annie) Yang, 2006. "Consumption Over Life Cycle: How Different is Housing?," Discussion Papers 06-01, University at Albany, SUNY, Department of Economics.
  2. Fang Yang, 2005. "Consumption Along the Life Cycle: How Different is Housing?," 2005 Meeting Papers 718, Society for Economic Dynamics.

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