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If the definition of wealth transfer is broadened to embrace both inter-vivos transfers (to heirs, charity, and wealth taxes) as well as transfers via estates, then the $41 trillion transfer estimate is too small, even as a low-end estimate.
This paper discusses the merits of wealth transfer taxation on both efficiency and equity grounds. It first deals with the popular debate that is dominated by American economists. This debate …
This paper employs the benchmark heterogeneous-agent macroeconomic model to examine drivers of the rise in wealth inequality in the U.S. over the last thirty years. By far the most important driver
the quantitative importance of intergenerational transfers to the accumulation of wealth. As I argue below, there is strong evidence that intergenerational transfers play a very important and perhaps dominant role in U.S. wealth accumulation. This does not mean, however, that intentional saving for gifts and bequests is the main saving motive.
In the empirical work, we show that accounting for the heterogeneity in transfers made and received is important for the decomposition of wealth change into component sources over the lifecycle.
primary aim of the present paper is to understand the determinants of the observed movements in wealth inequality. This aim is basic but well-motivated: to compare different policy actions, we need a framework for thinking about what causes. riented theory used in the heterogeneous-agent literature w.
There are six types of evidence concerning the importance of intergenerational transfers to savings. First comparisons of total U.S. wealth with life cycle wealth, defined as the amount of U.S. wealth there would be in the absence of any net intergenerational transfers.
