Piketty's Book and Macro Models of Wealth Inequality

NBER Working Paper No. 21730

Issued in November 2015, Revised in December 2015

NBER Program(s):Public Economics



Piketty's book, Capital in the Twenty-First Century, discusses several factors affecting wealth inequality: rates of return on capital, output growth rates, tax progressivity, top income shares, and heterogeneity in saving rates and inheritances. This paper studies the role of various forces affecting savings in quantitative models of wealth inequality, discusses their successes and failures in accounting for the observed facts, and compares these model's implications with Piketty's conclusions.

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Document Object Identifier (DOI): 10.3386/w21730

Published: De Nardi, Mariacristina & Giulio , Fella & Yang, Fang, 2016. "Piketty’s Book and Macro Models of Wealth Inequality," Chicago Fed Letter, Federal Reserve Bank of Chicago. citation courtesy of

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