The wealth distribution in Bewley economies with capital income risk

DOI10.1016/J.JET.2015.07.013zbMATH Open1330.91132OpenAlexW2131922367MaRDI QIDQ900439FDOQ900439

Authors: Jess Benhabib, Alberto Bisin, Shenghao Zhu 

Publication date: 22 December 2015

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jet.2015.07.013

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zbMATH Keywords

Pareto distributionwealth distributionfat tailsBewley economiescapital income risk

Mathematics Subject Classification ID

Special types of economic markets (including Cournot, Bertrand) (91B54)

Cites Work

• Random difference equations and renewal theory for products of random matrices
• Markov chains and stochastic stability
• Title not available (Why is that?)
• One-dimensional linear recursions with Markov-dependent coefficients
• Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis
• The distribution of wealth and fiscal policy in economies with finitely lived agents
• Stochastic stability in monotone economies
• The risk-free rate in heterogeneous-agent incomplete-insurance economies
• An income fluctuation problem
• Heavy tail phenomenon and convergence to stable laws for iterated Lipschitz maps
• A Difficulty with the Optimum Quantity of Money
• Tail of the stationary solution of the stochastic equation \(Y_{n+1}=a_{n} Y_{n}+b_{n}\) with Markovian coefficients
• Random recurrence equations and ruin in a Markov-dependent stochastic economic environment
• Incomplete-market dynamics in a neoclassical production economy
• The wealth distribution in Bewley economies with capital income risk
• The permanent income hypothesis: A theoretical formulation
• WEALTH INEQUALITY: DATA AND MODELS
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• A Model Explaining the Pareto Distribution of Wealth
• Some results on An income fluctuation problem
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• The welfare cost of inflation under imperfect insurance
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• When do borrowing constraints bind? Some new results on the income fluctuation problem
• The Forbes 400, the Pareto power-law and efficient markets

Cited In (23)

• The investigation of a wealth distribution model on isolated discrete time domains
• A Becker-Tomes model with investment risk
• Tax progressivity and the Pareto tail of income distributions
• The income fluctuation problem and the evolution of wealth
• A theory of the saving rate of the rich
• An impossibility theorem for wealth in heterogeneous-agent models with limited heterogeneity
• The effect of interest rates on consumption in an income fluctuation problem
• On the existence and uniqueness of stationary equilibrium in Bewley economies with production
• Stochastic dominance and thick-tailed wealth distributions
• Unbounded dynamic programming via the Q-transform
• Bequests, estate taxes, and wealth distributions
• The housing cost disease
• On increasing risk, inequality and poverty measures: peacocks, lyrebirds and exotic options
• Incomplete market dynamics and cross-sectional distributions
• Capital risk, fiscal policy, and the distribution of wealth
• The dynamics of Pareto distributed wealth in a small open economy
• The wealth distribution in Bewley economies with capital income risk
• Capital income jumps and wealth distribution
• Left and right: a tale of two tails of the wealth distribution
• Uniqueness of equilibrium in a Bewley-Aiyagari model
• Asymptotic linearity of consumption functions and computational efficiency
• Decomposing the growth of top wealth shares
• Uneven growth: automation's impact on income and wealth inequality

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