Accounting for the heterogeneity in retirement wealth

Fang Yang

No 638, Working Papers from Federal Reserve Bank of Minneapolis

Abstract: This paper studies a quantitative dynamic general equilibrium life-cycle model where parents and their children are linked by bequests, both voluntary and accidental, and by the transmission of earnings ability. This model is able to match very well the empirical observation that households with similar lifetime incomes hold very different amounts of wealth at retirement. Income heterogeneity and borrowing constraints are essential in generating the variation in retirement wealth among low lifetime income households, while the existence of intergenerational links is crucial in explaining the heterogeneity in retirement wealth among high lifetime income households.

Keywords: Wealth; Retirement income (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-dge
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=1038 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden
http://www.minneapolisfed.org/research/WP/WP638.pdf
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
Working Paper: Accounting for the Heterogeneity in Retirement Wealth (2009)
Working Paper: Accounting for the Heterogeneity in Retirement Wealth (2008)
Working Paper: Accounting for the Heterogeneity in Retirement Wealth (2006)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedmwp:638

Access Statistics for this paper

More papers in Working Papers from Federal Reserve Bank of Minneapolis Contact information at EDIRC.
Bibliographic data for series maintained by Kate Hansel ().