Skewed Wealth Distributions: Theory and Empirics

被引:103
作者
Benhabib, Jess [1 ]
Bisin, Alberto [1 ,2 ]
机构
[1] NYU, New York, NY 10003 USA
[2] NBER, Cambridge, MA 02138 USA
关键词
INCOMPLETE-MARKET DYNAMICS; INCOME-DISTRIBUTION; POWER-LAW; PARETO DISTRIBUTION; LINEAR-RECURSIONS; TOP INCOMES; ZIPFS LAW; INEQUALITY; RISK; TAIL;
D O I
10.1257/jel.20161390
中图分类号
F [经济];
学科分类号
02 ;
摘要
Invariably, across a cross-section of countries and time periods, wealth distributions are skewed to the right displaying thick upper tails, that is, large and slowly declining top wealth shares. In this survey, we categorize the theoretical studies on the distribution of wealth in terms of the underlying economic mechanisms generating skewness and thick tails. Further, we show how these mechanisms can be micro-founded by the consumption-savings decisions of rational agents in specific economic and demographic environments. Finally we map the large empirical work on the wealth distribution to its theoretical underpinnings.
引用
收藏
页码:1261 / 1291
页数:31
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