Replication data for: Wealth Distribution and Social Mobility in the US: A Quantitative Approach

Principal Investigator(s): View help for Principal Investigator(s) Jess Benhabib; Alberto Bisin; Mi Luo

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Project Citation:

Benhabib, Jess, Bisin, Alberto, and Luo, Mi. Replication data for: Wealth Distribution and Social Mobility in the US: A Quantitative Approach. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113112V1

Project Description

Summary: We quantitatively identify the factors that drive wealth dynamics in the United States and are consistent with its skewed cross-sectional distribution and with social mobility. We concentrate on three critical factors: (i) skewed earnings, (ii) differential saving rates across wealth levels, and (iii) stochastic idiosyncratic returns to wealth. All of these are fundamental for matching both distribution and mobility. The stochastic process for returns which best fits the cross-sectional distribution of wealth and social mobility in the United States shares several statistical properties with those of the returns to wealth uncovered by Fagereng et al. (2017) from tax records in Norway.

Scope of Project

JEL Classification:
      D31 Personal Income, Wealth, and Their Distributions
      E13 General Aggregative Models: Neoclassical
      E21 Macroeconomics: Consumption; Saving; Wealth
      E25 Aggregate Factor Income Distribution

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Published Versions

V1 [2019-10-12]

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