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Keywords:Wealth 

Journal Article
Accounting for the rich

Economic theory has long been challenged-and economists fascinated-by the mystery of extreme inequality in U.S. wealth distribution. The explanation may finally be in sight.
The Region , Volume 17 , Issue Jun , Pages 8-11, 48-52

Journal Article
The effects of health and wealth shocks on retirement decisions

Both health status and net worth can affect retirement decisions. In some cases, early retirement may be precipitated by a shock to an individual?s health and/or economic status. The authors examine how health and wealth shocks affect retirement decisions. They use data from the Panel Study of Income Dynamics to estimate a first-differences model of health and wealth shocks on retirement over the course of the 2000s in the United States. Their results suggest that acute health shocks are associated with labor market exits for older American men but not women. These results appear particularly ...
Review , Issue Sep

Journal Article
You can't take it with you: asset run-down at the end of the life cycle

This article presents evidence on the extent to which households run down their assets after retirement. The authors show that, once corrections are made for several econometric problems, households engage in very little asset decumulation after retirement.
Economic Perspectives , Volume 28 , Issue Q III , Pages 40-54

Report
A parsimonious macroeconomic model for asset pricing

I study asset prices in a two-agent macroeconomic model with two key features: limited stock market participation and heterogeneity in the elasticity of intertemporal substitution in consumption (EIS). The model is consistent with some prominent features of asset prices, such as a high equity premium; relatively smooth interest rates; procyclical stock prices; and countercyclical variation in the equity premium, its volatility, and in the Sharpe ratio. In this model, the risk-free asset market plays a central role by allowing non-stockholders (with low EIS) to smooth the fluctuations in their ...
Staff Report , Paper 434

Working Paper
Consumption and asset prices with recursive preferences: Continuous-time approximations to discrete-time models

This paper presents tractable and efficient numerical solutions to general equilibrium models of asset prices and consumption where the representative agent has recursive preferences. It provides a discrete-time presentation of the approach of Fisher and Gilles (1999), treating continuous-time representations as approximations to discrete-time "truth." First, exact discrete-time solutions are derived, illustrating the following ideas: (i) The price-dividend ratio (such as the wealth-consumption ratio) is a perpetuity (the canonical infinitely lived asset), the value of which is the sum of ...
FRB Atlanta Working Paper , Paper 99-18

Working Paper
Saving and Wealth Accumulation among Student Loan Borrowers: Implications for Retirement Preparedness

Borrowing for education has increased rapidly in the past several decades, such that the majority of non-housing debt on US households' balance sheets is now student loan debt. This chapter analyzes the implications of student loan borrowing for later-life economic well-being, with a focus on retirement preparation. We demonstrate that families holding student loan debt later in life have less savings than their similarly educated peers without such debt. However, these comparisons are misleading if the goal is to characterize the experience of the typical student borrower, as they fail to ...
Finance and Economics Discussion Series , Paper 2022-019

Working Paper
Stock market wealth and consumer spending

This paper investigates the effects of stock market wealth on consumer spending. Traditional macroeconometric models estimate that a dollar's increase in stock market wealth boosts consumer spending by 3-7 cents per year. With the substantial 1990s rise in stock prices, the nature and magnitude of this "wealth effect" have been much debated. After describing the issues and reviewing previous research, I present new evidence from the SRC Surveys of Consumers. The survey results are broadly consistent with lifecycle saving and a modest wealth effect: Most stockholders reported no appreciable ...
Finance and Economics Discussion Series , Paper 1998-20

Working Paper
Accounting for the heterogeneity in retirement wealth

This paper studies a quantitative dynamic general equilibrium life-cycle model where parents and their children are linked by bequests, both voluntary and accidental, and by the transmission of earnings ability. This model is able to match very well the empirical observation that households with similar lifetime incomes hold very different amounts of wealth at retirement. Income heterogeneity and borrowing constraints are essential in generating the variation in retirement wealth among low lifetime income households, while the existence of intergenerational links is crucial in explaining the ...
Working Papers , Paper 638

Journal Article
What's behind the low U.S. personal saving rate?

FRBSF Economic Letter

Journal Article
Interview: Christopher Carroll

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

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