Die Regierung eines Landes kann sich zum risikolosen Zins verschulden und in den Weltaktienmarkt investieren. Die Aktienerträge werden an die Bürger des Landes in Form einer sozialen Dividende weitergegeben. Welche Effekte hat diese Politik auf die Wohlfahrt der Bürger?

In this empirical paper we analyze the link between homeownership across cohorts and the net wealth distribution. In particular we are interested in the effect of the pattern of ownership across cohorts. Given that wealth accumulates over the life-cycle and that owners are wealthier than...

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...

We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively...

Es ist das theoretische Ziel des Forschungsvorhabens, die Bestimmungsfaktoren der "monetäre Stabilität unter Unsicherheit" aus einer Vermögensmarktperspektive und aus einer handlungstheoretischen Perspektive zu erklären. Die im Vermögensmarktansatz bislang nicht explizierten...

Private wealth is a crucial factor for the economic well-being of households. Key determinants of private wealth include intergenerational wealth transfers (gifts and inheritances), which are gaining importance since 1990, as research suggests. We conduct a detailed investigation of the...

This paper investigates the role of inheritance in the distribution of wealth in Germany. Recently collected survey data allow us to compute inheritance - wealth ratios for various quantiles based on several assumptions concerning the capitalization of past bequests and gifts. Our results...