The wealth distribution in Bewley economies with capital income risk

• 成果类型: Article
• 署名作者: Benhabib, Jess; Bisin, Alberto; Zhu, Shenghao
• 署名单位: New York University; National Bureau of Economic Research; National University of Singapore
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2015.07.013
• 发表日期: 2015
• 页码: 489-515
• 关键词: Wealth distribution; Bewley economies; Pareto distribution; Fat tails; Capital income risk

摘要

We study the wealth distribution in Bewley economies with idiosyncratic capital income risk. We show analytically that under rather general conditions on the stochastic structure of the economy, a unique ergodic distribution of wealth displays a fat tail. (C) 2015 Elsevier Inc. All rights reserved.