bank bonds across economy-wide income quantiles in the euro area and various euro area countries. We find that neither the …

This paper presents a comparative analysis of the approaches to poverty based on income and wealth that have been … proposed in the literature. Two types of approaches are considered: those that look at income and wealth separately when … argue that the higher correlation between income and wealth in the United States contributes to explaining the greater …

-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in … negative shock to individual income; (ii) an increase in the variance of idiosyncratic permanent shocks; (iii) a tightening of … times. We show that the rise in the aggregate savings ratio is driven by increases in uncertainty, rather than tighening of …

Study of Income Dynamics) data. We study the implications of two processes for household, post-tax earnings in a standard …