process using two data sets: the Panel Study of Income Dynamics and a large, synthetic, data set that matches the dynamics of … the data and better fits the savings of the households at the bottom 60% of the wealth distribution …

Wealth varies considerably across the population and changes significantly over the lifecycle. In this paper, we trace … out trajectories of wealth across several key life milestones, including marriage, homeownership, childbirth, divorce … the milestone. We find evidence of significant long-run increases in wealth associated with homeownership and retirement …

Using panel data for a sample of households in Utah from 1850 to 1900 we find income and wealth age profiles that are … a relationship between age-income and age-wealth profiles that is consistent with a life-cycle model of consumption … given a concave and peaked age-income profile: households accumulate and then begin to draw down wealth holdings, the age-wealth …

Income volatility and wealth volatility are central objects of investigation for the literature on income and wealth … U.S. over the last two decades. Contrary to our expectations, we find that in both countries wealth volatility reaches … significantly higher values than income volatility, the effect being mostly driven by changes in the market value of real estate …

lower income halves of our sample; that people who do not have children reduce their homeownership more slowly than those …

, estimated directly from data, as well as heterogeneity in ability to learn, initial human capital, and initial wealth … in initial conditions account for more of the variation in lifetime utility, lifetime earnings and lifetime wealth than … substantially more important than variation in learning ability or initial wealth for determining how an agent fares in life. An …

of lifetime resources (income and wealth) motivated by economic theory that account for generational differences in life … wage income and disposable income measured over narrow windows of age that are used to proxy lifetime wealth. The … outcomes (including children's own expected lifetime resources and education) than the income measures traditionally used in …

Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model … how consumer behavior responds to house price and income declines as well as tightening credit. These experiments are … motivated by the U.S. recession starting in December of 2007 that saw large falls in home prices, large negative income shocks …

heterogeneity. In contrast to simpler models that attribute all income fluctuations to shocks, our framework disentangles …

occupational prestige is explained almost entirely by shared education, and sibling resemblance in family income is explained … resemblance in earnings and wealth, as siblings retain 60 percent of their resemblance in earnings once we control for education … and occupational prestige, and siblings retain more than 30 percent of their resemblance in wealth once we control for all …