全球智库信息集成服务系统(G2TT): DP16081 Financial and Total Wealth Inequality with Declining Interest Rates

G2TT

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.