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Speech
The outlook for the U.S. economy in 2018 and beyond: remarks at the Securities Industry and Financial Markets Association, New York City
Dudley, William (2018-01-11)
Remarks at the Securities Industry and Financial Markets Association, New York City.
Speech , Paper 271

Working Paper
A Comment on 'Wealth Inequality and Endogenous Growth' by Byoungchan Lee
Gu, Shijun; Jia, Chengcheng (2022-10-17)
How does wealth inequality affect economic growth? Byoungchan Lee answers this question by developing a heterogeneous-agent model and augmenting it with endogenous firm innovation. The novel channel is that rising wealth concentration reduces aggregate demand, which gives firms a disincentive to spend on R&D and therefore leads to slower productivity growth. In this discussion, we first explain the difference in calibration strategy between Lee’s approach and the common approach in the literature, and then discuss its quantitative implications for the effect of rising inequality on ...
Working Papers , Paper 22-26

Briefing
Trade, Specialization, Property Rights and Wealth Inequality: A Conference Recap
Sablik, Timothy (2022-10)
Economists from the Richmond Fed, research universities and other institutions met in Richmond for a conference in September focused on insights from macroeconomic development. Researchers presented on the topics of trade, firm specialization, property rights and wealth inequality. This Economic Brief summarizes those presentations.
Richmond Fed Economic Brief , Volume 22 , Issue 42

How Does Human Capital Affect Wealth Inequality?
Chiang, Yu-Ting; LaBelle, Jesse (2022-06-06)
Accounting for human capital can change the distribution of wealth and some common measures of wealth inequality.
On the Economy

Five Ideas to Support Families amid Growing Wealth Inequality
Kent, Ana Hernández; Boshara, Ray (2022-03-03)
Setting up emergency savings and creating new ways to build wealth are some ideas that could increase the economic resiliency of U.S. families.
On the Economy

Discussion Paper
Racial and Ethnic Inequalities in Household Wealth Persist
Chakrabarti, Rajashri; Emanuel, Natalia; Lahey, Benjamin (2024-06-28)
Disparities in wealth are pronounced across racial and ethnic groups in the United States. As part of an ongoing series on inequality and equitable growth, we have been documenting the evolution of these gaps between Black, Hispanic, and white households, in this case from the first quarter of 2019 to the fourth quarter of 2023 for a variety of assets and liabilities for a pandemic-era picture. We find that real wealth grew and that the pace of growth for Black, Hispanic, and white households was very similar across this timeframe—yet gaps across groups persist.
Liberty Street Economics , Paper 20240628

Journal Article
Monetary Policy and Inequality
Amaral, Pedro S. (2017-01)
This Commentary examines the link between monetary policy and income and wealth inequality by reviewing the theoretical channels that have been proposed and examining the empirical evidence on their importance. The analysis suggests that the magnitude of any redistributive consequences of conventional monetary policy seems to be small. Evidence that unconventional monetary policies have led to increases in inequality is still inconclusive.
Economic Commentary , Issue January

Report
On the Distribution of the Welfare Losses of Large Recessions
Mitman, Kurt; Perri, Fabrizio; Krueger, Dirk (2016-07-18)
How big are the welfare losses from severe economic downturns, such as the U.S. Great Recession? How are those losses distributed across the population? In this paper we answer these questions using a canonical business cycle model featuring household income and wealth heterogeneity that matches micro data from the Panel Study of Income Dynamics (PSID). We document how these losses are distributed across households and how they are affected by social insurance policies. We find that the welfare cost of losing one?s job in a severe recession ranges from 2% of lifetime consumption for the ...
Staff Report , Paper 532

Working Paper
Wealth Distribution and Retirement Preparation among Early Savers
Thompson, Jeffrey P.; Moore, Kevin B.; Jacobs, Lindsay; Llanes, Elizabeth; Volz, Alice Henriques (2020-02-01)
This paper develops a new combined-wealth measure by augmenting data on net worth from the Survey of Consumer Finances with estimates of defined benefit (DB) pension and expected Social Security wealth. We use this concept to explore retirement preparation among two groups of households in pre-retirement years (aged 40 through 49 and 50 through 59), and to explore the concentration of wealth. We find evidence of moderate, but rising, shortfalls in retirement preparation. We also show that including DB pension and Social Security wealth results in markedly lower measures of wealth ...
Working Papers , Paper 20-4

Working Paper
To Have or Not to Have: Understanding Wealth Inequality
Brendler, Pavel; Kuhn, Moritz; Steins, Ulrike I. (2024-09-24)
Differences in household saving rates are a key driver of wealth inequality. But what determines these differences in saving rates and wealth accumulation? We provide a new answer to this longstanding question based on new empirical evidence and a new modeling framework. In the data, we decompose U.S. household wealth into its main portfolio components to document two new empirical facts. First, the variation in wealth by income is mainly driven by differences in participation in asset markets rather than by the amounts invested. Wealth differences are a matter of to have or not to have. ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 098

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