TAILIEUCHUNG - Accounting for the U.S. Earnings and Wealth Inequality by Ana Casta˜neda, Javier D´ıaz-Gim´enez and Jos´e-V´ıctor R´ıos-Rull∗

The definition of an insurance contract distinguishes insurance contracts that are subject to IFRS 4 from those contracts that are subject to IAS 39. Some contracts, however, contain both an insurance component and a deposit component. The deposit component of an insurance contract is defined as a contractual component that is not accounted for as a financial instrument under IAS 39, but that would be within the scope of IAS 39 if it were a separate instrument. The failure to separately account for the deposit component inherent in an insurance contract may result in material liabilities and assets not being fully recognised on the balance sheet of an. | Accounting for the . Earnings and Wealth Inequality Ana Castaneda Javier Diaz-Gimenez and Jose-Victor Rios-Rull August 17 2002 Forthcoming in the Journal of Political Economy Summary We show that a theory of earnings and wealth inequality based on the optimal choices of ex-ante identical households who face uninsured idiosyncratic shocks to their endowments of efficiency labor units accounts for the . earnings and wealth inequality almost exactly. Relative to previous work we make three major changes to the way in which this basic theory is implemented i we mix the main features of the dynastic and the life-cycle abstractions that is we assume that our households are altruistic and that they go through the life-cycle stages of working-age and of retirement ii we model explicitly some of the quantitative properties of the . social security system and iii we calibrate our model economies to the Lorenz curves of . earnings and wealth as reported by the 1992 Survey of Consumer Finances. Furthermore our theory succeeds in accounting for the observed earnings and wealth inequality in spite of the disincentives created by the mildly progressive . income and estate tax systems that are additional explicit features of our model economies. Keywords Inequality Earnings distribution Wealth distribution Progressive taxation. JEL Classification D31 E62 H23 Castaneda BNP Paribas Securities Services Diaz-Gimenez Uni-versidad Carlos III de Madrid kueli@ and Rios-Rull University of Pennsylvania CAERP CEPR and NBER vr0j@ . Rios-Rull thanks the National Science Foundation for Grant SBR-9309514 and the University of Pennsylvania Research Foundation for their support. Diaz-Gimenez thanks the BSCH the DGICYT for Grant 98-0139 APC and Andoni. We thank Dirk Krueger for the data on the distribution of consumption. The comments and suggestions of the many colleagues that have discussed this article with us over the years .

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