We consider a life-cycle model with idiosyncratic risk in earnings, out-of-pocket medical and
nursing home expenses, and survival. Partial insurance is available through welfare …

The conventional wisdom since Yaari (1965) is that households without a bequest motive
should fully annuitize their investments. Numerous frictions do not break this sharp result …

This paper studies the relationship between population dynamics and economic growth.
Prior to the Industrial Revolution increases in total output were roughly matched by …

The wealth distribution in the US is more unequal than either the income or earnings
distribution, a fact current models of saving behavior have difficulty explaining. Using Max …

Using a life‐cycle model in which women divide their time between home and market work,
we establish a link between retirement wealth and the value of forgone home production …

The conventional wisdom dating back to Yaari (1965) is that households without a bequest
motive should fully annuitize their investments. Numerous market frictions do not break this …

The life-cycle model is a standard theoretical framework for studying savings and wealth
inequality. This paper shows that life-cycle models have difficulties accounting for the …

The aim of this paper is to study the analytical scope for cross-country comparisons of
inheritances based on Luxembourg Wealth Study (LWS) data. In the first part of the paper …

This paper investigates the quantitative importance of different savings motives on the
distributions of wealth and consumption and aggregate capital accumulation by solving an …

This paper extends the rational inattention framework of Sims (2006) to a finite-horizon
dynamic setting. This is accomplished by creating a structure in which an agent faced with …