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Working Paper
A rolling tide: changes in the distribution of wealth in the U.S., 1989-2001
Kennickell, Arthur B. (2003)
Over the period from 1989 to 2001, wealth in real terms grew broadly across U.S. families. Characterizing distributional changes is much more complex, and much more dependent on the specific questions asked. For example, there is evidence both from Forbes data on the 400 wealthiest Americans and from the SCF, which explicitly excludes families in the Forbes list, that wealth grew relatively strongly at the very top of the distribution. At the same time, the share of total household wealth held by the Forbes group rose. However, while the point estimate of the share of total wealth held by the ...
Finance and Economics Discussion Series , Paper 2003-24

Working Paper
Minimum consumptions requirements: theoretical and quantitative implications for growth and distribution
Ravikumar, B.; Chatterjee, Satyajit (1997)
The authors study the impact of a minimum consumption requirement on the rate of economic growth and the evolution of wealth distribution. The requirement introduces a positive dependence between the intertemporal elasticity of substitution and household wealth. This dependence implies a transition phase during which the growth rate of per-capita quantities rise toward their steady-state values and the distributions of wealth, consumption, and permanent income become more unequal. The authors calibrate the minimum consumption requirement to match estimates available for a sample of Indian ...
Working Papers , Paper 97-15

Working Paper
Estate taxation, entrepreneurship, and wealth
De Nardi, Mariacristina; Cagetti, Marco (2007)
We study the effects of abolishing estate taxation in a quantitative and realistic framework that includes the key features that policy makers are worried about: business investment, borrowing constraints, estate transmission, and wealth inequality. We use our model to estimate effective estate taxation. We consider various tax instruments to reestablish fiscal balance when abolishing estate taxation. We find that abolishing estate taxation would not generate large increases in inequality, and would, in some cases, generate increases in aggregate output and capital accumulation. If, however, ...
Working Paper Series , Paper WP-07-08

Working Paper
Life expectancy and old age savings
French, Eric; De Nardi, Mariacristina; Jones, John Bailey (2009)
Rich people, women, and healthy people live longer. We document that this heterogeneity in life expectancy is large. We use an estimated structural model to assess the impact of life expectancy variation on the elderly?s savings. We find that the differences in life expectancy related to observable factors such as health, gender, and income have large effects on savings, and that these factors contribute by similar amounts. We also show that the risk of outliving one?s expected lifespan has a large effect on the elderly?s saving behavior.
Working Paper Series , Paper WP-08-18

Discussion Paper
Wealth shocks and macroeconomic dynamics
Cooper, Daniel H.; Dynan, Karen E. (2013)
The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects?the impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature on wealth effects, but there are also many unanswered issues and questions. This paper reviews the important issues regarding the role wealth plays in the macroeconomy and argues that there is a need for much more wealth effect ...
Public Policy Discussion Paper , Paper 13-4

Newsletter
Insurance and wealth building among lower-income households
Coussens, Michelle; Newberger, Robin G. (2008-06)
In the summer of 2007, the Federal Reserve Bank of Chicago convened four focus groups to explore the connections between insurance, the process of wealth building and preservation, and financial access for low- and moderate-income consumers. This article examines the findings from those focus groups.
Chicago Fed Letter , Issue Jun

Journal Article
What's behind the low U.S. personal saving rate?
Marquis, Milton H. (2002)
FRBSF Economic Letter

Working Paper
Health insurance and precautionary saving
Starr-McCluer, Martha (1994)
Finance and Economics Discussion Series , Paper 94-10

Working Paper
Savings of young parents
Lusardi, Annamaria; Cossa, Ricardo; Krupka, Erin L. (2000)
In this paper, we examine household savings using data from the National Longitudinal Survey, Cohort 1997 (NLSY97). This data set provides detailed information about assets and liabilities of parents with teen-age children and allows researchers to examine patterns of accumulation at early stages of the life cycle. In our empirical work, we have first to deal with several problems in measuring wealth. While many respondents report owning assets and liabilities, they often do not report their values. This problem is severe, in particular among financial assets. It is also difficult to devise ...
Working Paper Series , Paper WP-00-23

Journal Article
Changes in the wealth of nations
Parente, Stephen L.; Prescott, Edward C. (1993-04)
This study systematically examines the distribution of the wealth of nations and how it has evolved over time. A nation's wealth is measured by its real per-capita gross domestic product. The study documents the following key economic development facts that a theory of economic development must be consistent with: There is a great disparity in wealth between the richest and poorest countries. This disparity has changed little in the postwar period. There was an upward shift in the distribution of the wealth of nations. There has been considerable relative wealth mobility, with some ...
Quarterly Review , Volume 17 , Issue Spr , Pages 3-16

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