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This paper seeks to explain the collapse of the market for bankers' acceptances between 1931 and 1932 by tracing the doctrinal foundations of Federal Reserve policy and regulations back to the Federal Reserve Act of 1913. I argue that a determinant of the collapse of the market was Carter Glass'...
Persistent link: https://www.econbiz.de/10012167430
This paper uncovers ongoing trends in idiosyncratic earnings volatility across generations by decomposing residual earnings auto-covariances into a permanent and a transitory component. We employ data on complete earnings life cycles for prime age men born 1935 through 1974 that covers earnings...
Persistent link: https://www.econbiz.de/10011316360
That historical inequality can affect long run macroeconomic performance has been argued by a large literature on … endogenous inequality using models of indivisibilities in occupational choice, in the presence of borrowing constraints. These …
Persistent link: https://www.econbiz.de/10012502955
In this paper, we analyse different measures of asset and income poverty using micro-data for 15 euro area countries from the 2010 Household Finance and Consumption Survey (HFCS). We are particularly interested in the way in which specific definitions of income and wealth poverty affect the...
Persistent link: https://www.econbiz.de/10011373659
correlate with household net wealth (or income). Bond price increases thus leave net wealth inequality largely unchanged. In … wealth inequality. Housing price increases display a hump shaped pattern over the net wealth distribution, with the poorest …
Persistent link: https://www.econbiz.de/10011316626
inequality in household wealth in all 8 countries. …
Persistent link: https://www.econbiz.de/10011573797
I study whether monetary gold hoarding was the main cause of the Great Depression in a structural VAR analysis. The notion that monetary forces played an important role in bringing about the depression is well established in the narrative literature, but has more recently met some skepticism by...
Persistent link: https://www.econbiz.de/10012405992
distribution. I use the estimates to decompose the overall effect of transfers on wealth inequality in the effect of the aggregated … very much in line with the literature, indicating that transfers tend to equalize wealth inequality, despite minor …
Persistent link: https://www.econbiz.de/10011915902
inequality through a real-world policy, rather than experimental treatments, may trigger only marginal changes in support for …
Persistent link: https://www.econbiz.de/10014551561
In view of rising concerns over increasing inequality in the European Union since the financial crisis, this study … provides an inequality decomposition of the overall European income distribution by country. The EU Statistics on Income and … Living Conditions are our empirical basis. Inequality has risen moderately within the core Euro area, particularly in the …
Persistent link: https://www.econbiz.de/10010517184