The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Wealth Inequality and Intergenerational Links
Open accessAbstract
Previous work has had difficulty generating household saving behavior that makes the distribution of wealth much more concentrated than that of labor earnings, and that makes the richest households hold onto large amounts of wealth, even during very old age.I construct a quantitative, general equilibrium, overlapping-generations model in which parents and children are linked by accidental and voluntary bequests and by earnings ability.I show that voluntary bequests can explain the emergence of large estates, while accidental bequests alone cannot, and that adding earnings persistence within families increases wealth concentration even more.I also show that the introduction of a bequest motive generates lifetime savings profiles more consistent with the data.
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Citations
Cites
Human Capital and the Rise and Fall of Families
Becker, G. S., & Tomes, N. (1986) · Journal of Labor Economics · doi:10.1086/298118 · Cited by 2,913
An Equilibrium Theory of the Distribution of Income and Intergenerational Mobility
Becker, G. S., & Tomes, N. (1979) · Journal of Political Economy · doi:10.1086/260831 · Cited by 2,243
The Wealth Dynamics of American Families, 1984-94
Hurst, E., Luoh, M. C., Stafford, F. P., & Gale, W. G. (1998) · Brookings Papers on Economic Activity · doi:10.2307/2534673 · Cited by 231
Cited by
A Model of Secular Stagnation: Theory and Quantitative Evaluation
Eggertsson, G. B., Mehrotra, N. R., & Robbins, J. A. (2019) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20170367 · Cited by 405
Self-Made Wealth or Family Wealth? Changes in Intergenerational Wealth Mobility
Hansen, M. N. (2014) · Social Forces · doi:10.1093/sf/sou078 · Cited by 96
Metadata
- Authors
- De Nardi, M.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2004-07
- Volume
- 71
- Issue
- 3
- Pages
- 743-768
- ISSN
- 0034-6527 (ISSN-L)
- 1467-937X
- OpenAlex
- W1483423367
- Cited by
- 794
- References
- 3
- FWCI
- 74.72
- Type
- journal article
- Language
- en
- Open access
- gold
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