(3.8)), although the married couple as a whole qualifies as rentier according to the household definition (equation (3.9)). Such cases tend to push below I.e. the ρt ρtH. individual level definition tends to underestimate the fraction of rentiers in the population. But there can also be cases where the married couple as a whole does not qualify as rentier, but where one member does, thereby pushing above ρt ρtH. We return to this issue when we present our results. 3.5. Steady-state formulas for and ρ, π φ In the empirical application, we rely on the equations for and given in the ρt, πt φt previous sections, which are valid both in steady-state and out of steady-state. Here we provide a number of closed-form steady-state formulas for and which ρ, π φ, provide further insights into the structural determinants of inheritors’ shares in population and wealth. The general result is that for given savings behavior the steady-state fractions and are an increasing function of r and a ρ(r,g), π(r,g) φ(r,g) decreasing function of g. TO BE COMPLETED (gender-free model = perfect assortative mating) 4. Inheritance data and matrimonial property regimes in France To estimate the joint distribution Gt(wti,bti*) of wealth and capitalized bequest, we take advantage of the exceptional quality of French estate tax data. We use a new micro level inheritance data base which we collected from individual estate tax records in Paris between 1872 and 1937. 4.1. Estate tax data in France French estate tax data are both abundant and detailed, for one simple reason. As early as 1791, shortly after the abolition of the tax privileges of the aristocracy, the
(3.8)), although the married couple as a whole qualifies as rentier according to the household definition (equation (3.9)). Such cases tend to push ρt below ρtH. I.e. the individual level definition tends to underestimate the fraction of rentiers in the population. But there can also be cases where the married couple as a whole does not qualify as rentier, but where one member does, thereby pushing ρt above ρtH. We return to this issue when we present our results. 3.5. Steady-state formulas for ρ, π and φ In the empirical application, we rely on the equations for ρt, πt and φt given in the previous sections, which are valid both in steady-state and out of steady-state. Here we provide a number of closed-form steady-state formulas for ρ, π and φ, which provide further insights into the structural determinants of inheritors’ shares in population and wealth. The general result is that for given savings behavior the steady-state fractions ρ(r,g), π(r,g) and φ(r,g) are an increasing function of r and a decreasing function of g. TO BE COMPLETED (gender-free model = perfect assortative mating) 4. Inheritance data and matrimonial property regimes in France To estimate the joint distribution Gt(wti,bti*) of wealth and capitalized bequest, we take advantage of the exceptional quality of French estate tax data. We use a new micro level inheritance data base which we collected from individual estate tax records in Paris between 1872 and 1937. 4.1. Estate tax data in France French estate tax data are both abundant and detailed, for one simple reason. As early as 1791, shortly after the abolition of the tax privileges of the aristocracy, the