G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16081
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
URLhttps://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.
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