In this paper, we attempt to explain differences between the US and UK household wealth distributions, with an emphasis on the quite different porfolios held in stock and housing equities in the two countries. As a proportion of their total wealth, British households hold relatively small...

Using data from the Federal Reserve Board's Survey of Consumer Finances, the authors examine characteristics of entrepreneurs and the businesses they run. Their analysis confirms that business owners are important sources of saving and wealth creation in the U.S. and that they are less risk...

We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a realistic firm-size distribution. As entrepreneurial firms can grow only slowly and rely heavily on retained earnings to expand the size of their business, we show that, by reducing...

In 2009, Medicaid spent over $75 billion on 5.3 million elderly beneficiaries. This article describes the Medicaid rules for the elderly and discusses their economic implications.

In 2009, Medicaid spent over $75 billion on 5.3 million elderly beneficiaries. This article describes the Medicaid rules for the elderly and discusses their economic implications.

Credit performs the essential function of moving funds from the savers who want to lend to the investors and consumers who wish to borrow. Under ideal conditions, this process ensures that funds are invested by the most skilled and productive individuals, thus improving efficiency and...

The brief’s key findings are: *Medicaid covers not only the low-income elderly but also those with higher incomes who become impoverished by health costs, such as nursing home care. *The percentage of high-income single retirees receiving Medicaid rises with age – from near zero for those in...

We study the costs and benefits of Medicaid in a model in which retired single people optimally choose consumption, medical spending and saving, while facing uncertainty about their health, lifespan and medical needs. We document Medicaid take-up rates by age, permanent income, and gender in the...