Retirement wealth, earnings risks, and intergenerational links
研究了一个包含收入风险、寿命不确定性和借贷约束的代际模型中退休财富的积累与分布，通过引入代际转移的交易成本解决了财富不确定性问题，并分析了社会保障对预防性储蓄、投资和收入不平等的影响。
Abstract This paper investigates the accumulation and distribution of retirement wealth in a dynastic model with earnings risks, longevity uncertainties, and borrowing constraints. It resolves the wealth indeterminacy problem across generations in dynastic families by introducing a transaction cost for intergenerational transfers. It captures the pattern of inter vivos transfers, the relationship between wealth and earnings, and wealth inequality in the US data. Social security lowers precautionary savings by redistributing income from families with high earnings or short‐lived parents to others, thus reducing investment, the growth rate in income per capita, inequality in retirees' consumption, and the wealth‐earnings correlation.