5Specifically, in online appendix A we show that the steady-state target wealth is:

ˇme = (η+-1)(1-−-℧ς)−-ης,
        η + 1− R∕Γ
where η = κuΠRΓ, Π = (Γ ρ(Rβ)−1−-(1−℧)
     ℧)1∕ρ and κu is the (constant) marginal propensity to consume out of total wealth for the unemployed consumer. The relationship holds under our estimated parameter values; some of these relationships do not hold for all parameter values.