51When matching the distribution of liquid financial and retirement assets, we reduce the variance of permanent shocks σψ2 to 0.01∕4 (from 0.01∕(11∕4) in Table 2) so that even the most patient consumers with β = β + 3∇∕3.5 satisfy the death-modified ‘Growth Impatience Condition’ (see footnotes 34 and 35).