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Saving and wealth inequality

De Nardi, M; Fella, G; (2017) Saving and wealth inequality. Review of Economic Dynamics , 26 pp. 280-300. 10.1016/j.red.2017.06.002. Green open access

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Abstract

Why are some people wealthy while others are poor? To what extent can governments affect inequality? Which instruments should they use? Answering these questions requires understanding why people save. Dynamic quantitative models of wealth inequality can help us to understand and quantify the determinants of the outcomes that we observe in the data and to evaluate the consequences of policy reform. This paper surveys the savings mechanisms generated by the transmission of bequests and human capital, by preference heterogeneity, by rate of return heterogeneity, by entrepreneurship, by richer earnings processes, and by medical expenses. It concludes that the transmission of bequests and human capital, entrepreneurship, and medical-expense risk are crucial determinants of savings and wealth inequality and that we need to look at more data to measure their relative importance.

Type: Article
Title: Saving and wealth inequality
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.red.2017.06.002
Publisher version: https://doi.org/10.1016/j.red.2017.06.002
Language: English
Additional information: Copyright © 2017 The Author(s). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Keywords: Inequality, Saving, Wealth
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/10041512
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