Housing is the largest capital asset for most families. While the intergenerational mobility literature has extensively studied the income distribution, it has devoted less attention to housing, in part due to data limitations. We document 3 features of intergenerational mobility by comparing...

We study beliefs about wealth inequality and preferences for wealth redistribution, drawing on a large-scale online survey in Germany. Specifically, we assess participants' knowledge of the German wealth distribution, their perceived position within it, and the effects of two information...

This paper studies how conventional monetary policy affects household wealth in Malta across the wealth distribution. We combine euro-area macroeconomic responses to a monetary policy shock with household-level microdata on assets, liabilities, income, and consumption from the 2023 Maltese...

In recent decades, the United States has experienced a notable rise in markups, a slowdown in productivity growth, and an increase in wealth inequality. We present a framework that unifies these trends into a common driving force. In particular, increased barriers to entry raise markups and...

How does economic growth affect individual wealth accumulation and, thereby, wealth inequality? Combining individual wealth from the Socio-Economic Panel (SOEP) and local GDP growth across 401 German counties, this paper documents a sizable Hometown-Growth-Wealth Nexus. We find that past...

We consider an overlapping generations version of a model suggested by Fargione, Lehmann and Polasky that allows us to show, by means of simulations, that randomness of the rate of return on capital, combined with inheritance of capital and consumption being a concave function of wealth may lead...

The fifth wave of the Austrian HFCS (2023) confirms enduring structural features of household balance sheets: Wealth remains highly concentrated and dominated by owner-occupied housing. Debt is mainly mortgage-based in volume terms and concentrated in higher-income and higher-wealth households....

Industrial policies, such as infrastructure investments and export tariffs, affect the allocation of labor and incomes across sectors, attracting substantial lobbying efforts by special interest groups. Yet, the link between structural change and lobbying remains underexplored. Using more than...

Industrial policies, such as infrastructure investments and export tariffs, affect the allocation of labor and incomes across sectors, attracting substantial lobbying efforts by special interest groups. Yet, the link between structural change and lobbying remains underexplored. Using more than...

We study beliefs about wealth inequality and preferences for wealth redistribution. For this, we conduct a large-scale online survey in Germany. First, we analyze how well participants are informed about the German wealth distribution and their position in it. Second, we investigate how...

Industrial policies, such as infrastructure investments and export tariffs, affect the allocation of labor and incomes across sectors, attracting substantial lobbying efforts by special interest groups. Yet, the link between structural change and lobbying remains underexplored. Using more than...

This paper develops a stock-flow consistent Post-Keynesian model in the Kalecki-Steindl tradition with endogenous wealth accumulation and distribution, which captures the key aspects of the Cambridge debate on (anti-)dual and Pasinetti equilibria. We find that a stable interior solution - that...

In this paper, I analyze detailed data on intergenerational transfers in 4 countries (China, India, Japan, and the United States) from the "Japan Household Panel Survey on Consumer Preferences and Satisfaction (JHPS-CPS)" which has been conducted by the Institute of Social and Economic Research...

This paper develops a stock-flow consistent Post-Keynesian model in the Kalecki-Steindl tradition with endogenous wealth accumulation and distribution, which captures the key aspects of the Cambridge debate on (anti-)dual and Pasinetti equilibria. We find that a stable interior solution - that...

We take into account that envy (relative consumption concerns) is more pronounced in the present than in the future. We consider a Ramsey-type model in which agents differ only in their initial capital endowments but are identical in their exogenous parameters. Agents' preferences exhibit...

Die Alterssicherungskommission der Bundesregierung soll einerseits eine Kennziffer für das Gesamtversorgungsniveau aus gesetzlicher Rente, betrieblicher und geförderter Privatvorsorge entwickeln. Andererseits soll es darum gehen, wie der Lebensstandardsicherung im Alter gesichert werden kann....

Reliable statistics on the distribution of wealth - and how this has changed over time - are essential for informing a range of policy debates. Unfortunately, current official statistics from the Office for National Statistics (ONS) do not provide a coherent or consistent guide to how wealth is...

Der Siebte Armuts- und Reichtumsbericht (7. ARB) ist ein umfangreiches, datenbasiertes Werk, das viele relevante Lebensbereiche abdeckt - von Einkommen und Vermögen über Bildung, Gesundheit und Teilhabe bis hin zu neuen Themen wie Klimawandel und subjektiven Erfahrungen von Armut. Gleichzeitig...

Using unique administrative data that link privately held firm owners to rich background information, we provide novel evidence on underage children as firm owners. Ownership occurs at all ages 0--17, with a mean age of 12. Childhood ownership is strongly concentrated among high-income families,...

We compare wealth taxes and capital gains taxes in a random growth model with idiosyncratic investment risk. At equal tax revenue, wealth taxes generate higher wealth inequality but also higher wealth mobility than capital gains taxes. The mechanism operates through variance: wealth taxes shift...

The fifth wave of the Household Finance and Consumption Survey (HFCS) offers an updated and comprehensive view of Maltese households' financial position in the post-pandemic period. Based on microdata collected for 2023, this edition introduces two analytical dimensions: in addition to the...

Probability distributions, which are typically used to describe income distributions, are not suitable to describe a population's distribution of wealth because of the existence of negative observations and a large concentration of values close to zero. To overcome these problems, we describe...

To promote social justice and support inclusive development in East Africa, addressing land inequality is essential. Kenya and Uganda illustrate the complex factors driving land inequality in sub Saharan Africa. During colonial times, extensive fertile lands were often alienated from local...

We show that high-income buyers earn higher capital gains on housing using detailed transaction data from Denmark. Geographic location statistically accounts for nearly all the difference, with little role for aggregate market timing, property type, or other buyer characteristics. This finding...

While financialization and rising inequalities are often regarded as challenges for fiscal redistribution policies, the role of monetary policy and financial markets is neglected. Although heterodox scholars are drawing attention to the distributional impacts of monetary policy, they are rarely...

This chapter builds on Robert Blecker's pathbreaking, decades-long contributions (Blecker 1989, 1998, 2013; Blecker and Razmi, 2008) which incorporate, among many other contributions, capital flows to the balance of payments constrained growth literature. We link this to the literature on wealth...

We study intragenerational wealth rank mobility, investigating three dimensions: (i) wealth mobility over the life cycle, (ii) heterogeneity in mobility among subgroups and wealth components, and (iii) commonalities and differences across divergent country contexts. We use data from Germany...

This study investigates the motherhood penalty on personal net wealth and public pension wealth, focusing on women born between 1937 and 1989. Expanding upon previous research, we (a) contrast the impact of motherhood on public pension wealth and net wealth, (b) adopt a dynamic perspective by...

We provide new county-level estimates of intergenerational mobility, covering multiple economic concepts: total income, labor income, homeownership, housing wealth, and total wealth. This is possible via small-area estimation techniques and linked survey and administrative data covering millions...

This paper contributes to the literature on augmented wealth (the sum of public pension entitlements and net wealth) along three dimensions. First, it provides new country-specific estimates of augmented wealth for Austria in the year 2017 by combining data from the HFCS (Household Finance and...