51When matching the distribution of liquid financial and retirement assets, we reduce the variance of permanent shocks   2
σ ψ  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).