This paper introduces a new long-run data set based on archival from historical waves of the Survey Consumer Finances. Studying joint distribution household income and wealth, we expose central importance portfolio composition asset prices for wealth dynamics in postwar America. Asset shift because systematic differences portfolios along distribution. Middle-class are dominated by housing, while rich households predominantly own business equity. Differential changes equity house shaped...

Abstract The racial wealth gap is the largest of economic disparities between Black and white Americans, with a white-to-Black per capita ratio 6 to 1. It also among most persistent. In this article, we construct first continuous series on ratios from 1860 2020, drawing historical census data, early state tax records, waves Survey Consumer Finances, other sources. Incorporating these data into parsimonious model accumulation for each group, document role played by initial conditions, income...

This article is largely a description of the earnings, income, and wealth distributions in United States 2013 as measured by Survey Consumer Finances (SCF). We describe facts that lie at joint distribution three variables. look inequality relation to age, education, employer status, marital status. discuss evolution our results over past 25 years (1989 - 2013), emphasizing role played Great Recession. pay special attention degree income concentration top what use SCF data can contribute...

The racial wealth gap is the largest of economic disparities between Black and white Americans, with a white-to-Black per capita ratio 6 to 1.It also among most persistent.In this paper, we construct first continuous series on ratios from 1860 2020, drawing historical census data, early state tax records, waves Survey Consumer Finances, other sources.Incorporating these data into parsimonious model accumulation for each group, document role played by initial conditions, income growth,...

The racial wealth gap is the largest of economic disparities between Black and white Americans, with a white-to-Black per capita ratio 6 to 1.It also among most persistent.In this paper, we construct first continuous series on ratios from 1860 2020, drawing historical census data, early state tax records, waves Survey Consumer Finances, other sources.Incorporating these data into parsimonious model accumulation for each group, document role played by initial conditions, income growth,...

Abstract Large and persistent earnings losses following displacement have adverse consequences for the individual worker macroeconomy. Leading models cannot explain their size disagree on sources. Two mean-reverting forces make transitory in these models: search as an upward force allows workers to climb back up job ladder, separations a downward nondisplaced fall down ladder. We show that stability at top rather than frictions bottom is main driver of losses. provide new empirical evidence...

COVID-19 is spreading and has reached the state of a worldwide pandemic health systems are or will be tested in how they can deal with it. So far, during this early phase pandemic, outcomes terms case-fatality rates (CFR) differ widely across countries. We explore differences living arrangements generations within families contribute to cross country differences. document strong positive correlation between countries' CFRs share working-age their parents. This suggest that policy needs focus...

This paper introduces a new long-run dataset based on archival data from historical waves of the Survey Consumer Finances. The household-level allow us to study joint distributions household income and wealth since 1949. We expose central importance portfolio composition asset prices for dynamics in postwar America. Asset shift distribution because leverage portfolios differ systematically along distribution. Middle-class are dominated by housing, while rich households predominantly own...

Abstract This paper discusses the economic effects of a potential cut‐off German economy from Russian energy imports. We use multi‐sector open‐economy model and simplified approach based on an aggregate production function to estimate shock inputs. show that are likely be substantial but manageable because substitution imports reallocation along chain. In short run, stop would lead output loss relative baseline situation, without cut‐off, in range 0.5% 3% GDP.

This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate distributional effects in a unified framework, linking shocks both to earnings wealth differentials black white households. Specifically, we show that, although more accommodative increases employment households than households, overall are small. At same time, shock exacerbates difference because own fewer financial assets that appreciate value. Over five-year...

Abstract A key question in labor market research is how the unemployment insurance system affects rates and dynamics. We provide new answers to this old by studying one of largest reforms recent decades, German Hartz reforms. On average, lower separation into account for 76% declining after reform, a fact unexplained existing focusing on job-finding rates. Exploiting institutional changes age, employment duration, wages, we establish causal link between reform Relying theory, generalize our...

This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate distributional effects in a unified framework, linking shocks both to earnings wealth differentials Black white households. Specifically, we show that, although accommodative shock increases employment for households more than households, overall on are small. At same time, has large difference because own fewer assets that appreciate value. suggests important...

Black Americans face higher cyclical unemployment risk than white Americans: job-finding rates during recessions are lower and the of becoming long-term unemployed is higher. Differences in across imply that optimally invest less risky assets. We show differences can explain up to 90% gap stock market shares portfolios, resulting returns on wealth for Americans. Through this portfolio channel, adverse labor conditions translate into exacerbate racial inequality.

Journal Article Labour Market Institutions and Worker Flows: Comparing Germany the US Get access Philip Jung, Jung University of Bonn Institute for Study Labor (IZA) Search other works by this author on: Oxford Academic Google Scholar Moritz Kuhn The Economic Journal, Volume 124, Issue 581, 1 December 2014, Pages 1317–1342, https://doi.org/10.1111/ecoj.12118 Published: 04 April 2014 history Received: 15 March 2012 Accepted: 31 August 2013

A key question in labor market research is how the unemployment insurance system affects rates and dynamics. We revisit this old studying German Hartz reforms. On average, lower separation explain 76% of declining after reform, a fact unexplained by existing focusing on job finding rates. The reduction heterogeneous, with long-term employed, high-wage workers being most affected. causally link our empirical findings to benefits using heterogeneous-agent search model. Absent would be 50% higher today.

We use microdata to show that young households with children are underinsured against the risk an adult member of household dies. This empirical finding can be explained by a macroeconomic model human capital risk, age-dependent returns investment, and endogenous borrowing constraints due limited contract enforcement. When calibrated, quantitatively accounts for observed life-cycle variation in life insurance holdings, financial wealth, earnings, consumption inequality. The also predicts...

This paper introduces a new long-run dataset based on archival data from historical waves of the Survey Consumer Finances. The household-level allow us to study joint distributions household income and wealth since 1949. We expose central importance portfolio composition asset prices for dynamics in postwar America. Asset shift distribution because leverage portfolios differ systematically along distribution. Middle-class are dominated by housing, while rich households predominantly own...

The COVID19 crisis has hit labor markets. School and child-care closures have put families with children in challenging situations. We look at Germany quantify the macroeconomic importance of working parents. document that 26 percent German workforce aged 14 or younger estimate 11 workers 8 all hours are affected if schools centers remain closed. In most European countries, share is even higher. Policies to restart economy accommodate concerns these families.

We prove existence of a recursive competitive equilibrium (RCE) for an Aiyagari‐style economy with permanent income shocks and derive important economic implications. show that there exist equilibria where borrowing constraints are never binding establish nontrivial lower bound on the interest rate. These results imply distinct consumption dynamics compared to existing studies. present new approach solve agent's problem uses lattices functions deal unbounded utility function. The provides...

This paper studies the secular increase in U.S. household debt and its relation to growing income inequality financial fragility. We exploit a new household-level data set that covers joint distributions of debt, income, wealth United States over past seven decades. The show increased borrowing by middle-class families with low growth played central role rising indebtedness. Debt-to-income ratios have risen most dramatically for households between 50th 90th percentiles distribution. While...

Spatial differences in labor market performance are large and highly persistent.Using data from the United States, Germany, Kingdom, we document striking similarities spatial unemployment, vacancies, job finding, filling within each country.This robust set of facts guides disciplines development a theory local performance.We find that version Diamond-Mortensen-Pissarides model with endogenous separations on-the-job search quantitatively accounts for all documented empirical regularities.The...