We introduce intergenerational transfers into a general equilihrium life-cycle model in order to explain observed levels of wealth heterogeneity. In our overlapping generations model, heterogenous agents face uncertain lifetime and leave both accidental and voluntary bequests to their cinldren. Furthermore, agents face stochastic employment opportunities. The model is calibrated with regard to the characteristics of the US economy. Our resuits indicate that hequests onl account for a sniall proportion of ohserved wealth heterogeneitv. The introduction of an inheritance tax increases both welfare are measured by the average value of the newborn and equality of the wealth distribution. Preliminary versions of this paper have been presented at conference on 'Intergenerational transfers, taxes and the distribution of wealthub4 in Uppsala 1999 and the Econoinetric Societv European Meetirig in Santiago dc Compostela 1999. We would like to thank Michael Kaganovieli. John Laitner, James Smith, Frank Stafford, and Carl Cristian von Weizsue4cker for comments on earlier versions of the paper. All remaining errors are ours.
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机译：我们将代际转移引入一般的均衡生命周期模型中，以解释观察到的财富异质性水平。在我们的重叠世代模型中，异质代理面临不确定的生命周期，并将意外和自愿遗赠留给了他们的孩子。此外，代理商面临随机的就业机会。该模型已针对美国经济特征进行了校准。我们的调查结果表明，所有遗赠仅占已保留财富异质性的很小一部分。引入遗产税增加了福利，这是通过新生儿的平均值和财富分配的均等来衡量的。本文的初稿已经在“ 1999年乌普萨拉的代际转移，税收和财富分配 ub4”和“ 1999年圣地亚哥·孔波斯特拉的欧洲经济学会欧洲会议”上作了介绍。我们要感谢Michael Kaganovieli。 John Laitner，James Smith，Frank Stafford和Carl Cristian von Weizs ue4cker对本文的早期版本发表了评论。所有其余的错误是我们的。
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