Wealth inequality dynamics in europe and the united states: Understanding the determinants
成果类型：
Article
署名作者：
Blanchet, Thomas; Martinez-Toledano, Clara
署名单位：
Paris School of Economics; Imperial College London; Centre for Economic Policy Research - UK
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2022.11.010
发表日期：
2023
页码：
25-43
关键词：
摘要：
This paper studies the interaction between the long-term dynamics of aggregate house-hold wealth and the wealth distribution in Europe and the United States. We do so by building the first Distributional Wealth Accounts for Europe, including households' assets, liabilities, investment flows, and the wealth distribution for most European countries from 1970-2020. We find that although aggregate household wealth to income ratios have fol-lowed a similar increasing pattern in both Europe and the United States since 1970, wealth concentration has increased much faster in the United States. Using wealth accumulation decompositions and counterfactual simulations, we show that the weaker rise in labor in-come inequality and the stronger rise in house prices relative to financial assets in Europe versus the United States appear to explain why Europe has experienced a more moderate rise in wealth concentration since the mid-1980s.(c) 2022 Published by Elsevier B.V.
来源URL：