Wealth Inequality: Data and Models

Cagetti, Marco; Nardi, Mariacristina De

doi:10.3386/w12550

Cited by 54 publications

(73 citation statements)

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“…For some recent country studies on wealth inequality, see the following: Canada (Brzozowski et al ., ), China (Li and Zhao, ; He and Huang, ; Ward, ), Egypt (Alvaredo and Piketty, ), France (Piketty , , ; Piketty et al ., ; Frémeaux and Piketty, ), Germany (Fuchs‐Schündeln et al ., ), India (Banerjee and Piketty , ; Subramanian and Jayaraj, ), Ireland (Turner, ), Italy (Brandolini et al ., ; Mazzaferro and Toso, ), Japan (Bauer and Mason, ), Spain (Alvaredo and Saez, , ), Sweden (Bager‐Sjogren and Klevmarken, ), Switzerland (Saez et al ., ), the UK (Oldfield and Sierminska, ; Hills et al ., ), the US (Juster and Kuester, ; Wolff, , ; Díaz‐Giménez et al ., ; Piketty and Saez, ; Piketty and Saez, ; Cagetti and De Nardi, ; Kopczuk, ).…”

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confidence: 99%

Wealth Inequality: A Survey

Cowell

Kerm

2015

Journal of Economic Surveys

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Wealth Inequality: A Survey

Cowell

Kerm

2015

Journal of Economic Surveys

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“…Part of the original motivation for the LCM was to explain international differences in saving and wealth (Deaton, 2005). Results for international differences in saving have been mixed, but the life‐cycle framework has proven useful in studying saving at the micro level (Browning and Crossley, 2001) and wealth distribution in macroeconomics (Cagetti and De Nardi, 2008). The LCM is fruitful in the present application in part because one of its central predictions, that wealth should increase with longevity (assuming this translates into longer retirements), holds here statistically.…”

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The Level and Distribution of Global Household Wealth

Davies

Sandström

Shorrocks

et al. 2010

The Economic Journal

228

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We estimate the level and distribution of global household wealth. The levels of assets and debts for 39 countries are measured using household balance sheet and survey data centred on the year 2000. The determinants of mean financial assets, non-financial assets, and liabilities are studied empirically, and the results used to estimate average wealth holdings for countries lacking direct evidence. Data on the pattern of household distribution of wealth are assembled for 20 countries, which together account for 59 per cent of the global population and 75 per cent of global wealth. The observed relation between wealth and income distribution in these 20 countries allows estimates of wealth inequality to be produced for many other nations.

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“…More recently, Cagetti and De Nardi (2006a) study the interaction between entrepreneurial risk and bequest motives to understand the high concentration of wealth. Cagetti and De Nardi (2006b) provide an excellent review of the literature.…”

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The Wealth Distribution With Durable Goods*

Díaz

Luengo‐Prado

2010

Int Economic Review

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This paper studies the effect that illiquid assets and collateral credit frictions have on the level of wealth inequality in a standard model of ex-ante heterogenous agents with idiosyncratic uncertainty. We calibrate our model so that its steady state statistics match selected aggregate statistics of the U.S. economy and data on the earnings distribution. We find that adding illiquid assets and collateral credit frictions decreases wealth inequality decreases slightly relative to an economy with liquid assets and no credit frictions. The effect is small because these frictions mostly affect poor households that account for a small fraction of aggregate wealth. Nevertheless, our richer model allows us to study other dimensions of wealth inequality. In particular, our model replicates the fact that financial assets are more concentrated than total wealth, while residential assets are less concentrated. Furthermore, we document that, in the U.S., the earnings and housing distributions are remarkably similar. Our model can account for this fact so long as the earnings process is fairly persistent

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Wealth Inequality: Data and Models

Cited by 54 publications

References 54 publications

Wealth Inequality: A Survey

Wealth Inequality: A Survey

The Level and Distribution of Global Household Wealth

The Wealth Distribution With Durable Goods*

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