preferences and in the determination of optimal consumption and optimal bequests. We show how the consumption paths of dynasties …

transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

relationship between risk sharing, asset accumulation, and long-term inequality. Scenarios with and without growth are contrasted …. The paper also examines how asymmetric risk sharing (patronage) interacts with wealth accumulation to generate unequal … distribution of assets and consumption while providing insurance to the poor. The paper provides insights for policy related to …

with the Arrow/Romer approach to endogenous growth to analyze the interaction of risk, growth, and inequality, the latter …. Major results include that growth, inequality, and risk are positively related in our model, but we also identify a hump …-shaped relationship between welfare and risk, indicating a tradeoff relationship between risk-pooling and growth in the determination of …

of death. However, there is little evidence of an inheritance “boom.” In fact, from 1989 to 2007, the share of households …

much different from the actual distribution. Our findings suggest that inheritance taxes may do little to mitigate the …