English, Article, Journal or magazine article edition: The distribution of wealth and redistributive policies Jess Benhabib; Alberto Bisin

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The distribution of wealth and redistributive policies
Author
  • Jess Benhabib
  • Alberto Bisin
Physical Description
  • preprint
Notes
  • In this paper we study theoretically the dynamics of the distribution of wealth in an Overlapping Generation economy with bequest and various forms of redistributive taxation. We characterize the transitional dynamics of the wealth distribution and as well as the stationary distribution. We show that, in our economy, the stationary wealth distribution is a power law, a Pareto distribution in particular. Wealth is less concentrated (the Gini coefficient is lower) for both higher capital income taxes and estate taxes, but the marginal effect of capital income taxes is much stronger than the effect of estate taxes. Finally, we characterize optimal redistributive taxes with respect to an utilitarian social welfare measure. Social welfare is maximized short of minimal wealth inequality and with zero estate taxes.
  • wealth distribution
  • RePEc:red:sed006:368
  • RePEc:cla:levarc:122247000000001162
Language
  • English
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