厦门大学邹至庄经济研究院宏观经济研究中心

“宏观与发展经济学前沿讲座”

（第6期）

报告题目

Capital Return Jumps and Wealth Inequality

主讲嘉宾

Dr. Wei Cui，University College London

报告摘要

Compared to the distributions of earnings, the distributions of wealth in the US and many other countries are strikingly concentrated on the top and skewed to the right. To explain the income and wealth inequality, we provide a tractable heterogeneous-agent model with incomplete markets in continuous time. We separate illiquid capital assets from liquid bond assets and introduce capital return jump risks, which are crucial for generating a thicker tail of the wealth distribution than that of the labor income distribution. Under recursive utility, we derive optimal consumption and wealth in closed form and show that the stationary wealth distribution has an exponential right tail that closely approximates a power-law distribution. Our calibrated model can match the income and wealth distributions in the US data including the extreme right tail of the wealth distribution. We also show that the impacts of taxing the capital jump returns on the aggregate and on the distribution of wealth depend crucially on how tax revenues are spent.

报告时间

2023年5月10日（周三），16:40-18:10

地 点

厦门大学经济楼N302