Gaillard, Alexandre; Hellwig, Christian; Wangner, Philipp; … - 2023 - Revised: December 23, 2023
We provide evidence that the distributions of consumption, labor income, wealth, and capital income exhibit asymptotic … magnitudes of these four tails simultaneously. Mechanisms addressing the wealth concentration puzzle in these models through … Pareto tails by positing a combination of non-homothetic, wealth-dependent preferences and scale-dependent returns to capital …