Although older generations have substantially more wealth than their recent predecessors did at the same age, younger … circumstances can rationalise slowing generation-on-generation wealth growth. I find no evidence that later-born generations are less … predicted to have higher consumption, despite accumulating no greater wealth, than their predecessors because their earnings are …

a sniall proportion of ohserved wealth heterogeneitv. The introduction of an inheritance tax increases both welfare are … levels of wealth heterogeneity. In our overlapping generations model, heterogenous agents face uncertain lifetime and leave … measured by the average value of the newborn and equality of the wealth distribution. Preliminary versions of this paper have …