| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27123 |
| 来源ID | Working Paper 27123 |
| The Wealth of Generations, With Special Attention to the Millennials | |
| William G. Gale; Hilary Gelfond; Jason J. Fichtner; Benjamin H. Harris | |
| 发表日期 | 2020-05-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We examine household wealth across birth cohorts and over time using data from the Survey of Consumer Finances. We show that although the Great Recession reduced wealth in every age group, longer-term trends indicate that the wealth of older age groups has increased while the wealth of younger age groups has declined. A substantial share of these changes, in both directions, can be explained by changes in household demographic and economic characteristics. As for the millennial generation, their median wealth in 2016 was lower than the wealth of any similarly aged cohort between 1989 and 2007. Millennials will have several advantages in wealth accumulation relative to previous generations, such as more education and longer working lives, but also several disadvantages, including weak prospects for economic growth and delays in home purchase and marriage. The millennial generation contains a significantly higher percentage of minorities than previous generations. We estimate that minority households have tended to accumulate less wealth than whites in the past, controlling for household characteristics, and the difference appears to be growing over time for Blacks relative to whites. These results apply to the period before the COVID-19 pandemic and are best interpreted as addressing generational wealth patterns through 2016 and providing a pre-COVID benchmark against which future studies can be compared. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w27123 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584796 |
| 推荐引用方式 GB/T 7714 | William G. Gale,Hilary Gelfond,Jason J. Fichtner,et al. The Wealth of Generations, With Special Attention to the Millennials. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27123.pdf（1007KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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