Previous work has had difficulty generating household saving behavior that makes the distribution of wealth much more … concentrated than that of labor earnings, and that makes the richest households hold onto large amounts of wealth, even during very … wealth concentration even more. I also show that the introduction of a bequest motive generates lifetime savings profiles …

of these constraints on aggregate capital accumulation and wealth inequality are less known. Entrepreneurship is an … important determinant of capital accumulation and wealth concentration and, conversely, the distribution of wealth affects … entrepreneurial choices in presence of borrowing constraints. We construct a model that matches wealth inequality very well, both for …

wealth held by non-stockholders in the US data, which has proved problematic for previous models with limited participation …. I show that this large wealth inequality is also important for the model's ability to generate a countercyclical equity …

of these constraints on aggregate capital accumulation and wealth inequality are less known. Entrepreneurship is an … important determinant of capital accumulation and wealth concentration and, conversely, the distribution of wealth affects … entrepreneurial choices in the presence of borrowing constraints. We construct a model that matches wealth inequality very well, for …

earnings, to disposable income, and, ultimately, to consumption and wealth. We document a continuous and sizable increase in …

very well the empirical observation that households with similar lifetime incomes hold very different amounts of wealth at … retirement. Income heterogeneity and borrowing constraints are essential in generating the variation in retirement wealth among … in retirement wealth among high lifetime income households. …