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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

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

Report
Macroeconomics and Household Heterogeneity
Mitman, Kurt; Perri, Fabrizio; Krueger, Dirk (2016-06-01)
The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the U.S. Great Recession of 2007-2009 and proceed in two steps. First, using data from the Panel Study of Income Dynamics, we document the patterns of household income, consumption and wealth inequality before and during the Great Recession. We then investigate how households in different segments of the wealth distribution were affected by income declines, and how they changed their expenditures differentially during the ...
Staff Report , Paper 529

Working Paper
Seven Economic Facts About the U.S. Racial Wealth Gap
Broady, Kristen; Booth-Bell, Darlene; Griffin, Taylor (2022-07)
Using data from the 2019 Survey of Consumer Finances and the U.S. Census Bureau, along with data and research from other sources, this paper presents seven economic facts about the racial wealth gap in the U.S. We present data on racial disparities in income, employment, homeownership, education, access to credit, and retirement savings – all factors that contribute to a significant and persistent gap in net worth between households of different races and ethnicities, particularly between Black households and White households. While none of the economic factors listed fully explains the ...
Working Paper Series , Paper WP 2022-32

Working Paper
Uninsured risk, stagnation, and fiscal policy
Nakajima, Tomoyuki; Braun, R. Anton (2016-02-01)
Japan is in the midst of a protracted spell of depressed economic activity. Japan's economic stagnation has occurred against a background of rising earnings risk. Occupational stability is falling as routine occupations disappear and implicit lifetime employment guarantees are gradually disappearing. At the same time, earnings in some high-skilled occupations have continued to grow. The resulting polarization in earnings has also been accompanied by an increase in wealth inequality. We develop a framework that relates these observations. In our model, an increase in uninsured earnings risk ...
FRB Atlanta Working Paper , Paper 2016-4

Working Paper
Accounting for Wealth Concentration in the United States
Kaymak, Barış; Leung, David; Poschke, Markus (2022-10-20)
We assess the empirical relevance of different macroeconomic modeling approaches to wealth concentration, using the joint distribution of earnings, capital income and net worth in combination with an OLG model of household heterogeneity. We find large earnings disparities to be the primary source of US wealth concentration. This reflects the fact that labor income, from salaries but also from entrepreneurship, is a major income source for top income and wealth groups in the data. Bequests and differences in rates of return on capital together explain about half the holdings of the wealthiest ...
Working Papers , Paper 22-28

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