degree of heterogeneity in household preferences or beliefs is sufficient to match empirical measures of wealth inequality in … macroeconomic models (even ones including some heterogeneity). The high MPC arises because many consumers hold little wealth despite … on how the shock is distributed across households (depending, e.g., on their wealth, or employment status). …

Recent studies of economic inequality almost always separately examine income, consumption, and wealth inequality and … levels of wealth and find that the marginal propensity to consume is lower at higher wealth quintiles. This suggests that low-wealth … households cannot smooth consumption as much as other households do, which further implies that increasing wealth inequality …

Recent studies of economic inequality almost always separately examine income, consumption, and wealth inequality and … levels of wealth and find that the marginal propensity to consume is lower at higher wealth quintiles. This suggests that low-wealth … households cannot smooth consumption as much as other households do, which further implies that increasing wealth inequality …

A method to impute consumption expenditure inequality between wealth groups in the Survey of Consumer Finances is … provided, allowing for measurement error that is correlated with income and wealth. Identification is derived from observing … between top and bottom wealth quintiles is estimated to have increased by 50% between 2004 and 2013, indicating that observed …

goods. However, this trend can have negative consequences, such as hindering wealth redistribution policies, affecting …