This paper studies the stationary distribution of wealth by using a basic economic model encompassing saving, investment, occupational choice, an imperfect credit market, entrepreneurial abilities, and intergenerational wealth mobilities. It implies that persistent wealth inequality depends on...

The standard official measure of household economic well-being in the United States is gross money income. The general consensus is that such measures are limited because they ignore other crucial determinants of well-being. We modify the standard measure to account for one such determinant:...

The standard official measure of household economic well-being in the United States is gross money income. The general consensus is that such measures are limited because they ignore other crucial determinants of well-being. We modify the standard measure to account for one such determinant:...

Standard official measures of economic well-being are based on money income. The general consensus is that such measures are seriously flawed because they ignore several crucial determinants of well-being. We examine two such determinants - household wealth and public consumption - in the...

In this paper, we develop and numerically solve a model of idiosyncratic labour income and idiosyncratic interest rates to predict the evolution of a wealth distribution over time. Stochastic labour income follows a deterministic growth trend and it fluctuates between a wage and unemployment...

In this paper, we develop and numerically solve a model of idiosyncratic labour income and idiosyncratic interest rates to predict the evolution of a wealth distribution over time. Stochastic labour income follows a deterministic growth trend and it fluctuates between a wage and unemployment...

Prior Literature has shown that Blacks have lower rates of home ownership, lower amounts of home equity, and experience lower housing appreciation than whites. This paper examines racial differences in the returns to home ownership using a longitudinal survey of middle-aged homeowners. We find...

We describe a simple method to obtain kindred stationary densities of random Markov processes with respect to an Ito transformation function. As applied to income and wealth densities, they are akin to one another because they share the income growth and income volatility shape parameters. The...

This article introduces generalized beta-generated (GBG) distributions. Sub-models include all classical beta-generated, Kumaraswamy-generated and exponentiated distributions. They are maximum entropy distributions under three intuitive conditions, which show that the classical beta generator...

The present paper is part of unpublished book that analyzes the political, social and economic collapse of the Sudan. Economic, social and distributive disparities triggered a process for the disintegration of the nation under the pretext of imposing Islamic Sharia Laws. A pronounced prominent...