wealth elasticities of demand for a range of assets and liabilities. We test the frequently made assumption of constant …

wealth should do better than those with less wealth. We investigate this hypothesis using a unique datset from Norway …. Consistent with liquidity constraints being present, we find a strong positive relationship between founder prior wealth and … start-up size. The relationship between prior wealth and start-up performance, as measured by profitability on assets …

A democratic society in which the distribution of wealth is unequal elects political parties which tend to represent … of debt service and redistribute income from the rich to the poor. Consequently, inequality sows the seeds for inflation … inequality, for a cross-section of democratic countries. …

This paper studies the role of detrended wealth in predicting stock returns. We call a transitory movement in wealth … we find that these trend deviations in wealth are strong predictors of both real stock returns and excess returns over a …. Why should wealth, detrended in this way, forecast asset returns? We show that a wide class of optimal models of consumer …

How do aggregate wealth-to-income ratios evolve in the long run and why? We address this question using 1970 … able to extend our analysis as far back as 1700. We find in every country a gradual rise of wealth-income ratios in recent … growth, in line with the β=s/g Harrod-Domar-Solow formula. That is, for a given net saving rate s= 10%, the long run wealth …