income growth, wealth inequality and political participation. We predict that developing countries will tend to overinvest in …

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 …

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After …

1950, and back up to about 15% by 2010. A simple theoretical model of wealth accumulation, growth and inheritance can fully … wealth accumulation well above 100%. Our findings illustrate the fact that when the growth rate g is small, and when the rate … of return to private wealth r is permanently and substantially larger than the growth rate (say, r=4%-5% vs. g=1 …

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 …