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3 years ago

Age, Luck, and Inheritance - Thomas Piketty - Ens

Age, Luck, and Inheritance - Thomas Piketty - Ens

Age, Luck, and Inheritance - Thomas Piketty -

Age, Luck, and InheritanceJess Benhabib Shenghao Zhu New York UniversityMay 6, 2008AbstractWe present a mechanism to analytically generate a double Pareto distributionof wealth in a continuous time OLG model with optimizing agentswho have bequest motives, are subject to stochastic returns on capital andhave uncertain lifespans. We disentangle, roughly, the contribution of inheritance,age and stochastic rates of capital return to wealth inequality, inparticular to the Gini coe¢ cient. We investigate the role of the …scal andredistributive policies for wealth inequality and social welfare. We would like to thank Matthias Kredler, Henry P. McKean, Thomas Sargent, SamSchulhofer-Wohl, Gianluca Violante, Zheng Yang and seminar participants at The Third FederalReserve Bank of New York/Philadelphia Workshop on Quantitative Macroeconomics for theirhelpful comments and suggestions.1

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