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    • Abstract:
      Simulation methods are used to study the determinants of both the inequality and degree of intergenerational mobility in the distribution of inherited wealth. A general model of individual life-cycle optimization in perfectly competitive markets is used as the microeconomic building block, but numerical parameters were chosen to resemble the U.S. economy starting in the year 1900. Inequality in the wealth distribution usually grows over time, and intergenerational mobility is extremely high. Sensitivity of the results to various parameters is assessed. [ABSTRACT FROM AUTHOR]
    • Abstract:
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