How Much Has Wealth Concentration Grown in the United States? A Re-Examination of Data from 2001-2013. Bricker, J., Henriques, A., & Hansen, P. Technical Report 2018-024, Board of Governors of the Federal Reserve System, April, 2018. Link File Accessible figures doi abstract bibtex 6 downloads Well known research based on capitalized income tax data shows robust growth in wealth concentration in the late 2000s. We show that these robust growth estimates rely on an assumption— homogeneous rates of return across the wealth distribution— that is not supported by data. When the capitalization model incorporates heterogeneous rates of return (on just interest-bearing assets), wealth concentration estimates in 2011 fall from 40.5% to 33.9%. These estimates are consistent in levels and trend with other micro wealth data and show that wealth concentration increases until the Great Recession, then declines before increasing again.
@techreport{Brickeretal2018,
type = {Finance and {{Economics Discussion Series}}},
title = {How Much Has Wealth Concentration Grown in the {{United States}}? {{A}} Re-Examination of Data from 2001-2013},
author = {Bricker, Jesse and Henriques, Alice and Hansen, Peter},
year = {2018},
month = apr,
number = {2018-024},
institution = {{Board of Governors of the Federal Reserve System}},
doi = {10.17016/feds.2018.024},
url = {https://doi.org/10.17016/FEDS.2018.024},
abstract = {Well known research based on capitalized income tax data shows robust growth in wealth concentration in the late 2000s. We show that these robust growth estimates rely on an assumption\textemdash homogeneous rates of return across the wealth distribution\textemdash that is not supported by data. When the capitalization model incorporates heterogeneous rates of return (on just interest-bearing assets), wealth concentration estimates in 2011 fall from 40.5\% to 33.9\%. These estimates are consistent in levels and trend with other micro wealth data and show that wealth concentration increases until the Great Recession, then declines before increasing again.},
keywords = {Methods of Estimation of Wealth Inequality,Trends in Aggregate Wealth and Wealth Inequality},
url_file = {Brickeretal2018.pdf},
url_accessible_figures = {https://bibbase.org/network/publication/bricker-henriques-hansen-howmuchhaswealthconcentrationgrownintheunitedstatesareexaminationofdatafrom20012013accessiblefigures-2018}
}
Downloads: 6
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