This paper introduces new techniques to obtain a closed-form rank-by-rank characterization of the equilibrium distribution of wealth in a model in which finitely lived households face uninsurable idiosyncratic investment risk. A central result is that the extent of inequality is determined...

This paper develops a statistical model of wealth distribution that imposes no parametric structure on the fluctuations of household wealth. In this general setting, we use new techniques to obtain a closed-form household-by-household characterization of the stable distribution of wealth and...