Piketty's Book and Macro Models of Wealth Inequality

48 Pages Posted: 16 Nov 2015 Last revised: 18 May 2023

See all articles by Mariacristina De Nardi

Mariacristina De Nardi

Federal Reserve Bank of Chicago; University College London, Economics Dpt.; National Bureau of Economic Research (NBER) - Public Economics

Giulio Fella

Queen Mary, University of London

Fang Yang

Federal Reserve Banks - Federal Reserve Bank of Dallas

Date Written: November 2015

Abstract

Piketty's book, Capital in the Twenty-First Century, discusses several factors affecting wealth inequality: rates of return on capital, output growth rates, tax progressivity, top income shares, and heterogeneity in saving rates and inheritances. This paper studies the role of various forces affecting savings in quantitative models of wealth inequality, discusses their successes and failures in accounting for the observed facts, and compares these model's implications with Piketty's conclusions.

Suggested Citation

De Nardi, Mariacristina and De Nardi, Mariacristina and Fella, Giulio and Yang, Fang, Piketty's Book and Macro Models of Wealth Inequality (November 2015). NBER Working Paper No. w21730, Available at SSRN: https://ssrn.com/abstract=2691248

Mariacristina De Nardi (Contact Author)

Federal Reserve Bank of Chicago ( email )

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University College London, Economics Dpt. ( email )

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National Bureau of Economic Research (NBER) - Public Economics ( email )

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Giulio Fella

Queen Mary, University of London ( email )

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Fang Yang

Federal Reserve Banks - Federal Reserve Bank of Dallas ( email )

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Dallas, TX 75265-5906
United States

HOME PAGE: http://https://sites.google.com/view/fangyang/home?authuser=0

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