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...

We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with...

In a model calibrated to match micro- and macroeconomic evidence on household income dynamics, we show that a modest degree of heterogeneity in household preferences or beliefs is sufficient to match empirical measures of wealth inequality in the United States. The heterogeneity-augmented...

Using new long-run microdata, this paper studies wealth and income trends of college and non-college households in the United States since 1956. We document the emergence of a substantial college wealth premium since the 1980s, which is considerably larger than the college income premium. Over...

We use CHIP data from 1995, 2002, and 2013 to investigate inequality in urban household consumption expenditures. Overall inequality in urban household consumption expenditures measured by the Gini coefficient decreased slightly from 0.33 in 1995 to 0.32 in 2002, but it increased to 0.36 in...

This paper considers how monetary policy produces heterogeneous effects on euro area households, depending on the composition of their income and on the components of their wealth. We first review the existing evidence on how monetary policy affects income and wealth inequality. We then...

Through certainty equivalent consumption (CE) measures, we show that dispersion of current earnings, expenditures, and net worth overstate welfare inequality. This is largely due to the unaccounted value of future earnings, which we call human wealth. The latter mitigates permanent-income...

Despite its relevance in 19th-century economics, wealth -its accumulation, composition, and distribution- has largely been neglected in Italian economic history. Filling this gap, we show that between the late 19th and mid-20th centuries, Italy presented a historically high value of total...

This paper discusses alternative methods to estimate the distribution of wealth in New Zealand. It develops a taxable income capitalisation method for estimating the distribution of wealth in New Zealand that is based on the approach of Saez and Zucman (2016; 2022) and adapted for New Zealand data...

Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top of the income distribution, which we call the saving glut of the rich. The saving glut of the rich has been as large as the global saving glut, and it has not been associated...