We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel … information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk …

generates wealth heterogeneity that matches the empirical data, the improved model can provide a sensible analysis of economic …

models, including the existence of a target level of wealth and the proposition that aggregate consumption growth equals …

increases the precautionary saving motive around levels of wealth where the constraint becomes binding Secondwe provide a …

imperfections imply that entreprenurial investment will yield high average returns The final possibility is that wealth enters … utility of anticipated bequests) implying that risk aversion declines as wealth rises The paper concludes that the overall …

administrative wealth reports with variation in the timing of sudden, unexpected parental deaths. We show that after inheritance net …