This paper investigates the effects of total factor productivity and energy price

shocks in a real business cycle (RBC) model with heterogeneous agents. It extends

standard RBC models by including the distinction between durable goods and

non-durable goods but also including energy in production of non-durable goods.

Furthermore, we combine two sources of heterogeneity using idiosyncratic shocks in

labor supply and limited asset market participation by a fixed proportion of agents.

We study to what degree the empirically observed inequality in income and wealth

can be explained by the provided framework. The model can predict the evolution

of inequality in income and wealth, unlike traditional homogeneous macroeconomic

models with a representative agent. We show that the distinction between nondurable

and durable goods leads to a significant improvement in predicting most of

the moments close to the one in observational data from Germany. Furthermore,

we find that energy price shocks lead to decreasing inequalities, with respect to

both income and wealth. In a brief policy analysis, we give an outlook about the

effects of redistribution of income between classes of agents.