precautionary savings and hence to accumulate more wealth than otherwise. In a calibration exercise it is shown that for a plausible …This paper considers the intertemporal consumption/savings decision when income follows a random walk with drift and … specification of the level of prior information and real interest rate, that the level of aggregate wealth due to this parameter …

As the importance of capital is resurging in rich countries, the dynamics of wealth inequality are being increasingly … affected by inheritance distribution. The relative attraction derived from inherited wealth and acquired human capital in …'s aristocratic wealth has experienced more negative shocks since WWII, social stratification is perceived as less acute, and half of …

one from voluntary participation. Regressions of the participation decision suggest that a high level of household wealth …

that is due to heterogeneous skill endowments. Meanwhile, taxes and transfers insure 45% of lifetime earnings risk. Taxes …

productive abilities and education. Additionally, the system insures against 48% of lifetime earnings risk. Implementing a …

Private wealth is a crucial factor for the economic well-being of households. Key determinants of private wealth … include intergenerational wealth transfers (gifts and inheritances), which are gaining importance since 1990, as research … suggests. We conduct a detailed investigation of the distribution of wealth transfers in eight Euro-area countries. First, we …