Este artículo analiza el problema de un planificador benevolente que desea controlar una población de agentes heterogéneos sujetos a perturbaciones idiosincrásticas. Esto es equivalente a un problema de control determinista en el que la variable de estado pertinente es la distribución de...

The past forty years have seen a rapid rise in top income inequality in the United States. While there is a large number of existing theories of the Pareto tails of the income and wealth distributions at a given point in time, almost none of these address the fast rise in top inequality observed...

Do wealthier households save a larger share of their incomes than poorer ones? We use Norwegian administrative panel data on income and wealth to answer this empirical question. The relation between saving rates and wealth crucially depends on whether saving includes capital gains. Saving rates...

We recast the Aiyagari-Bewley-Huggett model of income and wealth distribution in continuous time. This workhorse model – as well as heterogeneous agent models more generally – then boils down to a system of partial differential equations, a fact we take advantage of to make two types of...

The past forty years have seen a rapid rise in top income inequality in the United States. While there is a large number of existing theories of the Pareto tails of the income and wealth distributions at a given point in time, almost none of these address the fast rise in top inequality observed...

We recast the Aiyagari-Bewley-Huggett model of income and wealth distribution in continuous time. This workhorse model - as well as heterogeneous agent models more generally - then boils down to a system of partial differential equations, a fact we take advantage of to make two types of...

The benefits of new technologies accrue not only to high-skilled labor but also to owners of capital in the form of higher capital incomes. This increases inequality. To make this argument, we develop a tractable theory that links technology to the personal income and wealth distributions - and...

Do wealthier households save a larger share of their incomes than poorer ones? We use Norwegian administrative panel data on income and wealth to answer this empirical question. The relation between saving rates and wealth crucially depends on whether saving includes capital gains. Saving rates...