@article{ClemensHeinemann2015,
  author    = {Clemens, Christiane and Heinemann, Maik},
  title     = {Endogenous growth and wealth inequality under incomplete markets and idiosyncratic risk},
  series = {Journal of macroeconomics},
  volume    = {45},
  journal   = {Journal of macroeconomics},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {0164-0704},
  doi       = {10.1016/j.jmacro.2015.05.008},
  pages     = {300 -- 317},
  year      = {2015},
  abstract  = {This paper describes the equilibrium properties and dynamics of a model which combines the key features of the standard incomplete market model (Aiyagari, 1994) with a standard endogenous growth mechanism to gain a deeper understanding of the feedback effects between growth and wealth inequality in the presence of credit frictions and idiosyncratic risk. We characterize growth equilibria and find that a balanced growth path not necessarily exists if households are subject to ad hoc borrowing constraints. Growth, inequality, and risk are positively related in our model, but we also identify a hump-shaped relationship between welfare and risk, indicating a tradeoff relationship between risk-pooling and growth in the determination of welfare. The growth rate responds to changes in the wealth distribution and displays transitional dynamics towards the balanced growth path. (C) 2015 Elsevier Inc. All rights reserved.},
  language  = {en}
}
@article{BachThiemannZucco2019,
  author    = {Bach, Stefan and Thiemann, Andreas and Zucco, Aline},
  title     = {Looking for the missing rich: tracing the top tail of the wealth distribution},
  series = {International Tax and Public Finance},
  volume    = {26},
  journal   = {International Tax and Public Finance},
  number    = {6},
  publisher = {Springer},
  address   = {Dordrecht},
  issn      = {0927-5940},
  doi       = {10.1007/s10797-019-09578-1},
  pages     = {1234 -- 1258},
  year      = {2019},
  abstract  = {We analyse the top tail of the wealth distribution in France, Germany, and Spain using the first and second waves of the Household Finance and Consumption Survey (HFCS). Since top wealth is likely to be under-represented in household surveys, we integrate big fortunes from rich lists, estimate a Pareto distribution, and impute the missing rich. In addition to the Forbes list, we rely on national rich lists since they represent a broader base of the big fortunes in those countries. As a result, the top 1\% wealth share increases notably for the three selected countries after imputing the top wealth. We find that national rich lists can improve the estimation of the Pareto coefficient in particular when the list of national USD billionaires is short.},
  language  = {en}
}