... assume that households value their consumption and leisure, and that they care about the utility of their descendents as much as they care about their own utility. Consequently, the households’ ... labor units thatdelivers the U. S. distributions of earnings and wealth as measured by the SCF. As we discussin detail below, our calibration procedure uses the Gini indexes and a small number ... direct measurements from some source of earnings data —suchas the PSID, the Current Population Survey (CPS), or even the Consumption ExpenditureSurvey (CEX). However, all these data sources suffer...