Permanent Income, Age and the Distribution of Wealth
Within a life cycle framework, this paper focuses first, on the relation, adjusted for age, between wealth and lifetime resources (comprising permanent (labor) income and inheritance) and second, on distributional issues, through the contribution to wealth inequality of age and permanent income combined. The theoretical analysis concentrates on the other factors of wealth inequality and shows that they are likely to induce non linearities between wealth and resources. Empirical French results reveal the crucial role played by inheritance in accumulation, the lifetime propensity to save out of capital receipts being much higher than the one out of permanent income. Moreover, the joint contribution to wealth inequality of age and permanent income may be quite important, although not dominant (26% in Canada, around 45% in France).
Volume (Year): (1988)
Issue (Month): 9 ()
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