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Short-Run Patience and Wealth Inequality

Author

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  • Maliar Lilia

    (Universidad de Alicante)

  • Maliar Serguei

    (Universidad de Alicante)

Abstract

The quasi-geometric (hyperbolic) literature typically assumes that agents are short-run impatient. In this paper, we deviate from this assumption by considering an economy in which a fraction of the population is short-run patient and the remaining population is short-run impatient. In a calibrated version of a neoclassical growth model with uninsurable risk and liquidity constraints, we find that the presence of few short-run patient and many short-run impatient agents leads to empirically plausible degrees of wealth inequality.

Suggested Citation

  • Maliar Lilia & Maliar Serguei, 2007. "Short-Run Patience and Wealth Inequality," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 11(1), pages 91-107, March.
    • Handle: RePEc:bpj:sndecm:v:11:y:2007:i:1:n:4
    DOI: 10.2202/1558-3708.1351
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