G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w28613
来源IDWorking 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
URLhttps://www.nber.org/papers/w28613
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/586286
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GB/T 7714
Daniel L. Greenwald,Matteo Leombroni,Hanno Lustig,et al. Financial and Total Wealth Inequality with Declining Interest Rates. 2021.
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