Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the U.S. and Canada. We find that younger households’ participation decisions in assets are more responsive...

Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the U.S. and Canada. We find that younger households' participation decisions in assets are more responsive...

Considerable evidence has documented that the elderly are more religious and that religiousness is associated with better health and lower mortality. Yet, little is known about the reverse role of life expectancy or proximity to death, as opposed to age, for religiousness. This paper provides...

Does a shortage of safe assets sow the seeds of instability in a financial system? This paper empirically explores the hypothesis of safe asset shortage-induced excess credit booms and financial instability. As an alternative step forward from the assumption of growth- or wealth-based demands...

This study investigates the relationship between demography and inflation using panel cointegration for 24 countries during 1961-2014. It shows that the age structure of the population affects inflation. The answer to the question "is population aging inflationary or disinflationary?" depends on...

Piketty's Capital in the Twenty-First Century posits the return r on capital to be larger than the economic growth rate g as a main driver of inequalities. This article points out the circumstances under which the reverse inference holds. We show that increasing inequality promotes increasing...