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How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from Quantitative Easing in the Euro Area

Lenza, Michele; Slacalek, Jiri - 2021

This paper studies the effects of quantitative easing on income and wealth of individual euro area households. The aggregate effects of quantitative easing are estimated in a multi-country VAR model of the four largest euro area countries, in which key variables affecting household income and...

Persistent link: https://www.econbiz.de/10013315393

Immigrants and the Distribution of Income and Wealth in the Euro Area : First Facts and Implications for Monetary Policy

Dossche, Marteen; Kolndrekaj, Aleksandra; Propst, Maximilian - 2022

We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their country of residence (“natives”) vs. those born in other EU and non-EU countries (“immigrants”). The differences in wealth are more substantial than the differences in...

Persistent link: https://www.econbiz.de/10013491571

Financial Cycles, Credit Bubbles and Stabilization Policies

Schuler, Tobias - 2019

loan portfolios, allow for interbank trading and show how a credit bubble can develop from a financial innovation. We then …

Persistent link: https://www.econbiz.de/10012858317

How Fat is the Top Tail of the Wealth Distribution?

Vermeulen, Philip - 2014

The US Survey of Consumer Finances (SCF) and the Eurosystem's Household Finance and Consumption Survey (HFCS) provide evidence that wealth is heavily concentrated at the upper tail of the wealth distribution. A commonly cited number for the US is that 1 percent of the households hold 30 percent...

Persistent link: https://www.econbiz.de/10013053766

Optimal Level of Government Debt - Matching Wealth Inequality and the Fiscal Sector

Vogel, Edgar - 2014

We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...

Persistent link: https://www.econbiz.de/10013056838

Estimating the Top Tail of the Wealth Distribution

Vermeulen, Philip - 2016

Wealth survey data suffers simultaneously from under-representation at the top and underreporting of assets. Addressing both problems, I use the Household Finance and Consumption Survey to provide new estimates of the holdings of real assets, financial assets and liabilities and net wealth of...

Persistent link: https://www.econbiz.de/10012988623

Is the Top Tail of the Wealth Distribution the Missing Link Between the Household Finance and Consumption Survey and National Accounts?

Chakraborty, Robin; Kavonius, Ilja Kristian; … - 2021

The financial accounts of the household sector within the system of national accounts report the aggregate asset holdings and liabilities of all households within a country. In principle, when household wealth surveys are explicitly designed to be representative of all households, aggregating...

Persistent link: https://www.econbiz.de/10013315397

Developing Reconciled Quarterly Distributional National Wealth – Insight into Inequality and Wealth Structures

Engel, Janina; Riera, Pau Gayà; Grilli, Joseph; Sola, … - 2022

Distributional accounts for households enable measurement, study developments andidentify drivers of inequality. Distributional information on households’ wealth is availablefrom the Household Finance and Consumption Survey only for three points in time (2009 –2018), while aggregates are...

Persistent link: https://www.econbiz.de/10014030310

Is the Financial Market Driving Income Distribution? – an Analysis of the Linkage between Income and Wealth in Europe

Kavonius, Ilja Kristian; Törmälehto, Veli-Matti - 2022

Globalisation has a major impact on the levels and distribution of wealth. The financial markets are highly integrated, and valuations of financial assets follow international patterns, which has contributed to large increases in financial wealth over the past 25 years. Nonetheless, this has not...

Persistent link: https://www.econbiz.de/10013403074

Monetary policy, housing booms and financial (im)balances

Eickmeier, Sandra; Hofmann, Boris - 2010

monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to … house price inflation, strong private debt growth and low credit risk spreads. The results suggest that (i) monetary policy … contributed discernibly, but at a late stage to the unsustainable developments in house and credit markets that were observable …

Persistent link: https://www.econbiz.de/10011605224

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