@unpublished{Bachetal2018,
  title = {From Saving Comes Having? {{Disentangling}} the Impact of Savings on Inequality},
  author = {Bach, Laurent and Calvet, Laurent E. and Sodini, Paolo},
  year = {2018},
  doi = {10.2139/ssrn.3094452},
  url = {http://dx.doi.org/10.2139/ssrn.3094452},
  abstract = {This paper investigates the channels through which savings impact the wealth inequality dynamics. The analysis relies on an administrative panel that reports the assets and income of every Swedish resident between 2000 and 2007. We document that the saving rate, defined as savings from labor income divided by net worth, is on average a decreasing function of net worth itself. At the same time, there is considerable heterogeneity in the saving rate within each wealth group. These two properties have conflicting effects on inequality. As a result, heterogeneity in savings from labor income has a strong impact on social mobility but only has a weak impact on the distribution of net worth. Heterogeneity in wealth returns is instead the main driver of the recent increase in top wealth shares.},
  keywords = {Determinants of Wealth and Wealth Inequality},
  note = {Unpublished manuscript}
}

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