NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Shenghao Zhu

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Working Papers and Chapters

May 2014The Wealth Distribution in Bewley Economies with Investment Risk
with Jess Benhabib, Alberto Bisin: w20157
We study the wealth distribution in Bewley economies with idiosyncratic capital income risk (investment risk). We fi nd, under rather general conditions, a unique ergodic distribution of wealth which displays fat tails (a Pareto distribution in the right tail).
June 2008Age, Luck, and Inheritance
with Jess Benhabib: w14128
We present a mechanism to analytically generate a double Pareto distribution of wealth in a continuous time OLG model with optimizing agents who have bequest motives, are subject to stochastic returns on capital and have uncertain lifespans. We disentangle, roughly, the contribution of inheritance, age and stochastic rates of capital return to wealth inequality, in particular to the Gini coefficient. We investigate the role of the fiscal and redistributive policies for wealth inequality and social welfare.

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info

 
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