from housing price increases. The capital gains from bond price increases (relative to household net wealth) do not … correlate with household net wealth (or income). Bond price increases thus leave net wealth inequality largely unchanged. In … contrast, equity price increases largely benefit the top end of the net wealth (and income) distribution, thus amplify net …

We provide a systematic analysis of the properties of individual returns to wealth using twenty years of population … percentile. Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and … risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth …

We provide a systematic analysis of the properties of individual returns to wealth using twenty years of population … percentile. Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and … risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth …

drive the economy. Adding wealth dispersion to aggregate risk aversion sufficiently summarizes the rich dynamics of the …