Heterogeneous Dynasties and Long-Run Mobility*
研究发现，标准异质性代理人模型能生成现实的财富分布，但无法解释祖孙财富排名正相关等长期流动性模式；引入永久性异质性后，模型能同时匹配财富分布与短期、长期流动性。
Abstract Recent empirical work has demonstrated a positive correlation between grandparent-child wealth rank, even after controlling for parent-child wealth rank, and a positive correlation between dynastic wealth ranks across almost six hundred years. We show that a simple heterogeneous agents model with idiosyncratic wealth returns generates a realistic wealth distribution, but fails to capture these long-run patterns of wealth mobility. An auto-correlated returns specification of this model also fails to capture both short- and long-run mobility. However, an extension of the heterogeneous agents model that includes permanent heterogeneity in wealth returns is able to simultaneously match the wealth distribution and short- and long-run wealth mobility.