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A calibrated model of saving and income distribution for the UK

Listed author(s):
  • Dr Martin Weale


We construct a general equilibrium model of a panel of 5000 agents in overlapping population cohorts, with a view to assessing its ability to represent both the macroeconomic and distributional characteristics of the economy; we take account of the income uncertainty which people face and calibrate it to represent the key characteristics of the economy. We find that, in a situation in which saving is motivated by life-cycle, precautionary and bequest motives a reasonably good representation can be obtained of both the distribution of wealth and the intergenerational transmission of wealth in the United Kingdom, The model offers a means of studying the distributional impact of policy changes. It suggests that inclusion of the bequest motive is important if the distribution of wealth is to be modelled well.

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Paper provided by National Institute of Economic and Social Research in its series NIESR Discussion Papers with number 123.

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Date of creation: Nov 1997
Handle: RePEc:nsr:niesrd:214
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