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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

Wealth and Its Distribution: A Look at Asian American Households in 2022
Ricketts, Lowell R.; Kent, Ana Hernández (2024-08-13)
Asian Americans typically had more wealth than other racial or ethnic groups, and that wealth was spread across a diverse range of financial and nonfinancial assets.
On the Economy

Working Paper
Heterogeneous Agents Dynamic Spatial General Equilibrium
Dvorkin, Maximiliano (2023-03-22)
I develop a dynamic model of migration and labor market choice with incomplete markets and uninsurable income risk to quantify the effects of international trade on workers’ employment reallocation, earnings, and wealth. Macroeconomic conditions in different labor markets and idiosyncratic shocks shape agents’ labor market choices, consumption, earnings, and asset accumulation over time. Despite the rich heterogeneity, the model is highly tractable as the optimal consumption, labor supply, capital accumulation, and migration and reallocation decisions of individual workers across ...
Working Papers , Paper 2023-005

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

Journal Article
The transition to consumption taxation, Part 2: the impact on existing financial assets
Viard, Alan D. (2001-04)
Replacing the income tax with a consumption tax is likely to reduce the total value of the capital stock. Alan D. Viard reviews how this decline is divided between bondholders and stockholders and the effect on household borrowers and lenders. He explains that the results depend on whether monetary policy accommodates the tax through a higher price level. Without accommodation, the decline in the value of capital is largely borne by stockholders and there is little reallocation of wealth between household borrowers and lenders. If the tax is fully accommodated, bondholders bear heavier ...
Economic and Financial Policy Review , Issue Q II , Pages 20-31

Working Paper
Wealth effects and the consumption of leisure: retirement decisions during the stock market boom of the 1900s
Coronado, Julia Lynn; Perozek, Maria G. (2003)
It is well accepted that households increase consumption of goods and services in response to an unexpected increase in wealth. Consensus estimates of this wealth effect are in the range of 3 to 5 cents of additional consumption spending in the long run for each additional dollar of wealth. Economic theory also suggests that consumption of leisure, like consumption of goods and services, should increase with positive shocks to wealth. In this paper, we ask whether the run-up in equity prices during the 1990s led older workers to retire earlier than they had previously planned. We identify the ...
Finance and Economics Discussion Series , Paper 2003-20

Journal Article
Interview: Christopher Carroll
Steelman, Aaron (2013-01)
Related Links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2013/q1/full_interview.cfm https://www.richmondfed.org/publications/research/econ_focus/2013/q1/interview_weblinks.cfm
Econ Focus , Volume 17 , Issue 1Q , Pages 30-34

Journal Article
Building personal wealth: a conversation with Bob McTeer
anonymous (2000-10)
Banking and Community Perspectives , Issue Q4 , Pages 1-2

Working Paper
What Explains Neighborhood Sorting by Income and Race?
Carroll, Daniel R.; Young, Eric R.; Aliprantis, Dionissi (2019-10-08)
Why do high-income black households live in neighborhoods with characteristics similar to those of low-income white households? We find that neighborhood sorting by income and race cannot be explained by financial constraints: High-income, high-wealth black households live in similar-quality neighborhoods as low-income, low-wealth white households. We provide evidence that black households sort across neighborhoods according to some non-pecuniary factor(s) correlated with the racial composition of neighborhoods. Black households sorting into black neighborhoods can explain the racial gap in ...
Working Papers , Paper 18-08R

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

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