Contemporary economics contains mainly two approaches for an explanation of fluctuations of economic activity indicators. The first approach expresses fluctuations as the expression of an environment that is fundamentally uncertain and subject to random external shocks. The second approach...

Theory often suggests that wider household participation in stockholding reduces wealth inequality by expanding access. Empirical participation literature raises concerns that newcomers may be less educated, less sophisticated, and poorer. We use SCF data to decompose changes in wealth...