Template-type: ReDIF-Paper 1.0
Author-Name: Christopher Bliss
Author-Email: christopher.bliss@nuffield.ox.ac.uk
Author-Homepage:http://www.nuff.ox.ac.uk/economics/people/bliss.htm 
Author-Workplace-Name:Nuffield College, Oxford University
Author-Workplace-Homepage:http://www.nuff.ox.ac.uk/nuffield.html
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Title: The Stationery Distribution of Wealth with Random Shocks
Abstract:
  A convergence model with wealth accumulation subject to i.i.d. random
  shocks is examined.  The transfer function shows what k_{t+1} - wealth at t+1 - would be,
  given k_t, with no shock: It has a positive slope, but its concavity/convexity is
  indeterminate. The stationary distribution of wealth satisfies a Fredholm integral equation.
  This distribution can be examined by direct analysis of the wealth-accumulation stochastic
  process and via the Fredholm equation.  The analysis resembles some econometric theory
  of time series.  Economic theory forces consideration of a broad range of cases,
  including some which violate B-convergence.  "Twin peaks" in the stationary distribution
  cannot be excluded.
Classification-JEL:D3, E1
Keywords: Convergence, stochastic process, wealth distribution
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Length:31 pages
Creation-Date: 2002-01-01
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Number:2002-W6
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File-URL:http://www.nuff.ox.ac.uk/economics/papers/2002/w6/StatDist.pdf
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Handle: RePEc:nuf:econwp:0206