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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP16081 |
DP16081 Financial and Total Wealth Inequality with Declining Interest Rates | |
Dan Greenwald; Matteo Leombroni; Hanno Lustig; Stijn Van Nieuwerburgh | |
发表日期 | 2021-04-28 |
出版年 | 2021 |
语种 | 英语 |
摘要 | Financial wealth inequality and long-term real interest rates track each other closely over the post-war period. Faced with unanticipated lower real rates, households which rely more on financial wealth must see large capital gains to afford the consumption that they planned before the decline in rates. Lower rates beget higher financial wealth inequality. Inequality in total wealth, the sum of financial and human wealth and the relevant concept for household welfare, rises much less than financial wealth inequality and even declines at the top of the wealth distribution. A standard incomplete markets model reproduces the observed increase in financial wealth inequality in response to a decline in real interest rates because high financial-wealth households have a financial portfolio with high duration. |
主题 | Financial Economics ; Macroeconomics and Growth |
关键词 | Wealth inequality Interest rates Secular stagnation Human wealth Duration |
URL | https://cepr.org/publications/dp16081 |
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/545059 |
推荐引用方式 GB/T 7714 | Dan Greenwald,Matteo Leombroni,Hanno Lustig,et al. DP16081 Financial and Total Wealth Inequality with Declining Interest Rates. 2021. |
条目包含的文件 | 条目无相关文件。 |
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