high correlation between earnings and wealth in the data, as well as the fact that earnings are a major source of income … for top income and wealth groups. … bequests as potential determinants of the high level of wealth concentration in the US. Analyzing the joint distribution of …

. Finally, substantial crosscountry heterogeneity in marginal propensities to consume out of income and wealth components calls … decomposing disposable income into labour, property and transfer income is essential for understanding and forecasting consumption …