Within a life cycle framework, this paper focuses first, on the relation, adjusted for age, between wealth and lifetime resources (comprising permanent (labor) income and inheritance) and second, on distributional issues, through the contribution to wealth inequality of age and permanent income...

This paper proposes different tests of the life cycle hypothesis, concerning the determinants of household portfolio choices. The theoretical approach is based upon the intertemporal portfolio choice model and focuses on market imperfections and the following duality of needs: lifecycle...