This paper has examined simple versions of life-cycle. Keynesian, and target wealth models of consumption. It has drawn out their implications for the age profile of wealth inequality. The latter is observed to decline over the working lifetime and to uncrease in retirement in a range of...

How will the distribution of welfare, consumption and leisure across households be affected by social security reform? This paper answers this question for a social security refom with a two-tier structure by comparing steady state under a realistic version of the current US system and under the...