Secular Changes in Wealth Inequality and Inheritance

Secular Changes in Wealth Inequality and Inheritance. Laitner, J. The Economic Journal, 111(474):691–721, 2001.

Data suggest that the distribution of wealth among households in the USA and UK has become more equal over the last century, though, at least for the USA, the pattern may have reversed recently. This paper shows that a model in which all households save for life-cycle reasons and some for dynastic purposes as well offers a possible or partial explanation: the model predicts rising cross-sectional equality of wealth when longevity increases. There may also be implications about very recent changes: expansion of social security programmes and government deficits can lead toward more wealth inequality. Slower growth may do the same.

@article{Laitner2001,
  title = {Secular Changes in Wealth Inequality and Inheritance},
  author = {Laitner, John},
  year = {2001},
  journal = {The Economic Journal},
  volume = {111},
  number = {474},
  pages = {691--721},
  doi = {10.1111/1468-0297.00656},
  url = {https://doi.org/10.1111/1468-0297.00656},
  abstract = {Data suggest that the distribution of wealth among households in the USA and UK has become more equal over the last century, though, at least for the USA, the pattern may have reversed recently. This paper shows that a model in which all households save for life-cycle reasons and some for dynastic purposes as well offers a possible or partial explanation: the model predicts rising cross-sectional equality of wealth when longevity increases. There may also be implications about very recent changes: expansion of social security programmes and government deficits can lead toward more wealth inequality. Slower growth may do the same.},
  keywords = {Cross-National Comparisons,Determinants of Wealth and Wealth Inequality,Impacts of Wealth Inequality,Intergenerational Wealth,Trends in Aggregate Wealth and Wealth Inequality}
}

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