Heterogeneity and Persistence in Returns to Wealth

Andreas Fagereng, Luigi Guiso, Davide Malacrino, Luigi Pistaferri

NBER Working Paper No. 22822
Issued in November 2016

---- Acknowledgments ----

We thank Alberto Bisin, Fatih Guvenen, Gueorgui Kambourov, Daniele Massacci, Giovanni Mastrobuoni, Benjamin Moll, Andrea Pozzi, Ali Shourideh, and Anton Tsoy for very fruitful discussions. We are grateful for useful comments from seminar participants at the 2016 ASSA meetings, the NBER Summer Institute, Bocconi University, EIEF, European University Institute, University of Chicago, UC Berkeley, Fudan University, HEC Montreal, UC Santa Cruz, MIT Sloan, Northwestern, Kellogg, NY FED, Santa Clara University, Statistics Norway, the 2016 QSPS meeting at Utah State, and the 2016 Cowles Macro/Labor conference at Yale. Funding from the Research Council of Norway is gratefully acknowledged. Funding from the Research Council of Norway is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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