changing the numeraire from units of consumption to units of the consumption process. In terms of the new units, the wealth …

discrete-time solutions are derived, illustrating the following ideas: (i) The price-dividend ratio (such as the wealth …

Piketty (2017) argues in favor of a multidimensional and relational approach to the analysis of wealth inequality … approach by focusing on different functions of wealth. We operationalize functions of wealth by empirically analyzing the … on these decisive functions of wealth aligns well with the wealth distribution, in ways that vary considerably across …

In this paper, I study the role of housing for wealth accumulation and the determination of the equilibrium real … between 1980 and 2018 of almost 4 percentage points (pp), an increase in the wealth-to-income ratio of almost 250 pp and an … increase in the share of housing wealth of almost 8 pp. All of these patterns are broadly in line with the empirical …

We provide evidence that the distributions of consumption, labor income, wealth, and capital income exhibit asymptotic … magnitudes of these four tails simultaneously. Mechanisms addressing the wealth concentration puzzle in these models through … Pareto tails by positing a combination of non-homothetic, wealth-dependent preferences and scale-dependent returns to capital …

This study uses two samples of linked adult males to examine wealth accumulation by region and occupation between 1850 … and 1870. Consistent with past research, the findings here show that wealth accumulation was substantial in the South in … the 1850s and stagnant in the 1860s. The findings also suggest improvement in the wealth position of white …

with wealth returns. Our results provide new insights into why inequality in capital income is greater than in labor income …