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Piketty’s Book and Macro Models of Wealth Inequality

Author

Listed:
  • De Nardi, Mariacristina

    () (Federal Reserve Bank of Chicago)

  • Giulio , Fella

    (Queen Mary University of London)

  • Yang, Fang

    (Federal Reserve Bank of Chicago)

Abstract

Thomas Piketty’s book Capital in the Twenty-First Century is, in the author’s own words, a book about the history of the distribution of income and wealth. Among other interesting and important facts, the book quantifies the evolution of wealth inequality and wealth concentration over time and across a number of countries. Wealth is highly concentrated, and its distribution is skewed with a long right tail; a small number of very rich individuals hold a large share of total wealth in the economy.

Suggested Citation

  • De Nardi, Mariacristina & Giulio , Fella & Yang, Fang, 2016. "Piketty’s Book and Macro Models of Wealth Inequality," Chicago Fed Letter, Federal Reserve Bank of Chicago.
  • Handle: RePEc:fip:fedhle:00040
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    References listed on IDEAS

    as
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    Citations

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    Cited by:

    1. Krueger, D. & Mitman, K. & Perri, F., 2016. "Macroeconomics and Household Heterogeneity," Handbook of Macroeconomics, Elsevier.
    2. Kaymak, Barış & Poschke, Markus, 2016. "The evolution of wealth inequality over half a century: The role of taxes, transfers and technology," Journal of Monetary Economics, Elsevier, vol. 77(C), pages 1-25.
    3. Zhao, Kai, 2017. "Social insurance, private health insurance and individual welfare," Journal of Economic Dynamics and Control, Elsevier, vol. 78(C), pages 102-117.
    4. Dirk Krueger & Kurt Mitman & Fabrizio Perri, 2016. "On the Distribution of the Welfare Losses of Large Recessions," NBER Working Papers 22458, National Bureau of Economic Research, Inc.
    5. MADSEN, Jakob B, 2018. "Is Inequality Increasing in r-g? The Dynamics of Capital’s Income Share in the UK, 1210-2013," Discussion paper series HIAS-E-70, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.

    More about this item

    Keywords

    Wealth;

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue

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