on wealth and lifetime earnings we evaluate measures of retirement preparedness. We estimate heterogeneous discount … have access only to a risk-free asset compared to when we account for the fact that much of their wealth is stored in …

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). …