could give a misleading picture of households' preparedness for retirement as it cannot capture the vast heterogeneity in …

generates wealth heterogeneity that matches the empirical data, the improved model can provide a sensible analysis of economic … questions like "What might the consumption response be to economic stimulus payments?" -- Microfoundations ; Wealth Inequality …

dynamics. When the model is modified in a way that permits it to match empirical measures of wealth inequality in the U.S., we …

distributed than income, and points to a long term downward trend in wealth inequality over most of the twentieth century. We also …

different average returns on their net worth (a standard deviation of 8.6%) and on its components. Second, heterogeneity in … heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are correlated … across generations. We discuss the implications of these findings for several strands of the wealth inequality debate. …

percentile. Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and … discuss the implications of these findings for several strands of the wealth inequality debate …

is a key determinant of wealth inequality. The mechanism we posit is that financial knowledge enables individuals to … wealth over the life cycle. According to our estimates, from 30 to 40 percent of wealth inequality can be accounted for by …

standard deviation of 8%). Second,heterogeneity in returns does not arise merely from differences in the allocation of wealth … risk exposure and assets scale,it also reflects persistent heterogeneity in sophistication and financial information, as … theimplications of these findings for several strands of the wealth inequality debate …

(a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation … differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial … implications of these findings for several strands of the wealth inequality debate …