A calibrated model of saving and income distribution for the UK
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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|Date of creation:||Nov 1997|
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