Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of … changes, transitory and permanent shocks and estimate the contribution of each to total inequality. Our model fits the joint … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of …-cycle changes, transitory and permanent shocks and estimate the contribution of each to total inequality. Our model fits the joint … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

dynamics. When the model is modified in a way that permits it to match empirical measures of wealth inequality in the U.S., we …

used to estimate the discount rates of households. We show that there is substantial heterogeneity in discounting behaviour …

China's income inequality has been largely overlooked as the economy moves rapidly toward the Kuznets curve peak. This paper … find that China's growth is positively affected by saving but has a limited effect on saving, that inequality mainly has a … negative impact on growth but has a positive impact on saving, and that inequality is a stronger factor than growth in …

levels of wealth heterogeneity. In our overlapping generations model, heterogenous agents face uncertain lifetime and leave …

consumption and aggregate capital accumulation by solving an overlapping generations model with intragenerational heterogeneity …

One might expect that rising US income inequality would reduce demand growth and create a drag on the economy because … higher-income groups spend a smaller share of income. But during a quarter century of rising inequality, US growth and … inequality could be one explanation for the stagnant recovery in the recession’s aftermath. …

consumption and that the shocks we analyze reduce consumption inequality on impact. …