Blume, Lawrence E.; Durlauf, Steven N.; Lukina, Aleksandra - 2020
growth and macroeconomic models. These systems are often studied empirically by ad hoc methods relying on intuition from … deterministic systems, such as looking for multiple peaks in the stationary distribution of states. We develop Markov wealth … others, and that their presence dominates the stationary behavior of the wealth distribution. Typically, mass accumulates …