Carroll, Christopher; Slacalek, Jirka; Tokuoka, Kiichi; … - In: Quantitative Economics 8 (2017) 3, pp. 977-1020
degree of heterogeneity in household preferences or beliefs is sufficient to match empirical measures of wealth inequality in … macroeconomic models (even ones including some heterogeneity). The high MPC arises because many consumers hold little wealth despite … on how the shock is distributed across households (depending, e.g., on their wealth, or employment status). …