Matching Labor, Wealth, and Income Moments

[TO BE COMPLETED: As we note in Chapter Lifetime Earnings Profiles, we match the Gini coefficient of the income distribution through our calibration of the lifecyle productivity profile. With survey data on hours worked by age, we can adjust the \(\chi^n_s\) parameter to match the lifecycle profile of labor supply. The \(\beta^j\) and \(\chi^b_j\) parameters can be used to match the distribution of wealth given survey or administrative data describing its distribution.]