| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28613 |
| 来源ID | Working Paper 28613 |
| Financial and Total Wealth Inequality with Declining Interest Rates | |
| Daniel L. Greenwald; Matteo Leombroni; Hanno Lustig; Stijn Van Nieuwerburgh | |
| 发表日期 | 2021-03-29 |
| 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 house-hold 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 in-crease 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 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w28613 |
| 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/586286 |
| 推荐引用方式 GB/T 7714 | Daniel L. Greenwald,Matteo Leombroni,Hanno Lustig,et al. Financial and Total Wealth Inequality with Declining Interest Rates. 2021. |
| 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 | ||
| w28613.pdf（1050KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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