The Wealth Distribution in Bewley Models with Investment Risk

We study the wealth distribution in Bewley economies with idiosyncratic capital income risk. We show analytically that under rather general conditions on the stochastic structure of the economy, a unique ergodic distribution of wealth displays a fat tail; more precisely, a Pareto distribution in the

我们研究了存在异质性资本收入风险（idiosyncratic capital income risk）的贝利经济体（Bewley economies）中的财富分布问题。我们通过解析分析证明，在该经济体随机结构的相当一般化条件下，唯一的财富遍历分布（ergodic distribution）呈现厚尾特征；更具体地说，其服从帕累托分布（Pareto distribution）。