| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10897 |
| DP10897 Distributional Consequences of Asset Price Inflation in the Euro Area | |
| Klaus Adam; Panagiota Tzamourani | |
| 发表日期 | 2015-10-25 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively few households, while the median household strongly benefits from housing price increases. The capital gains from bond price increases (relative to household net wealth) do not correlate with household net wealth (or income). Bond price increases thus leave net wealth inequality largely unchanged. In contrast, equity price increases largely benefit the top end of the net wealth (and income) distribution, thus amplify net wealth inequality. Housing price increases display a hump shaped pattern over the net wealth distribution, with the poorest and richest households benefitting least. With regard to the latter finding there exists considerable heterogeneity across Euro Area countries. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Asset price inflation Wealth redistribution |
| URL | https://cepr.org/publications/dp10897 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539727 |
| 推荐引用方式 GB/T 7714 | Klaus Adam,Panagiota Tzamourani. DP10897 Distributional Consequences of Asset Price Inflation in the Euro Area. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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