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ECIN Replication Package for "Retirement wealth, earnings risks, and intergenerational links"

Principal Investigator(s):  View help for Principal Investigator(s) Lei Shao, Central University of Finance and Economics; Jie Zhang, Chongqing University

Version:  View help for Version V1

Name File Type Size Last Modified
  Replication 05/08/2024 11:03:AM

Project Citation: 

Shao, Lei, and Zhang, Jie. ECIN Replication Package for “Retirement wealth, earnings risks, and intergenerational links.” Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-05-08. https://doi.org/10.3886/E202363V1

Project Description

Summary:  View help for Summary This paper investigates the accumulation and distribution of retirement wealth in a dynastic model with earnings risks, longevity uncertainties, and borrowing constraints. It resolves the wealth indeterminacy problem across generations in dynastic families by introducing a transaction cost for intergenerational transfers. It captures the pattern of inter vivos transfers, the relationship between wealth and earnings, and wealth inequality in the US data. Social security lowers precautionary savings by redistributing income from families with high earnings or short-lived parents to others, thus reducing investment, the growth rate in income per capita, inequality in retirees’ consumption, and the wealth-earnings correlation.

Scope of Project

Subject Terms:  View help for Subject Terms Wealth Inequality; Earnings Risks; Bequests; Inter Vivos Transfers; Social Security
JEL Classification:  View help for JEL Classification
      D30 Distribution: General
      D90 Micro-Based Behavioral Economics: General
      E20 Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
      E60 Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
Manuscript Number:  View help for Manuscript Number ECIN-Apr-2023-0153
Data Type(s):  View help for Data Type(s) program source code


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Published Versions

V2 [2024-06-05]

V1 [2024-05-08]

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