⁴⁶Essentially similar results are obtained if we assume that households have heterogeneous discount factors, in the style of Carroll et al. [2017]. Using a calibration of the distribution of that approximately matches the distribution of net worth in the U.S., the results presented in Table 6 are effectively unchanged (table available upon request). The main results hold whether is chosen to match aggregate asset holdings, the wealth of the median household, or the entire distribution of wealth; it is not sensitive to the particular calibration of the model.