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Working Paper
Distinguishing limited commitment from moral hazard in models of growth with inequality
Townsend, Robert M.; Paulson, Anna L. (2003)
We use non-parametric, reduced form and structural techniques to distin-guish the micro-economic foundations of two models of growth with increasing inequality using new data from rural and semi-urban households in Thailand. We estimate a limited commitment model that is similar to Evans and Jovanovic (1989) and a moral hazard model that is an extension of Aghion and Bolton (1996). Both models emphasize the role of occupational choice and financial constraints. While the models share many implications, they are distinguished by their assumptions about the nature of financial market ...
Working Paper Series , Paper WP-03-06

Report
Monopoly rights: a barrier to riches
Parente, Stephen L.; Prescott, Edward C. (1997)
Our thesis is that poor countries are poor because they employee arrangements for which the equilibrium outcomes are characterized by inferior technologies being used, and being used inefficiently. In this paper, we analyze the consequences of one such arrangement. In each industry, the arrangement enables a coalition of factor suppliers to be the monopoly seller of its input services to all firms using a particular production process. We find that the inefficiencies associated with this monopoly arrangement can be large. Whereas other studies have found that inefficiencies induced by ...
Staff Report , Paper 236

Working Paper
Comparing Micro and Macro Sources for Household Accounts in the United States: Evidence from the Survey of Consumer Finances
Pack, Sarah; Thompson, Jeffrey P.; Devlin-Foltz, Sebastian; Dettling, Lisa J.; Krimmel, Jacob (2015-06-25)
Household income, spending, and net worth are key inputs in macroeconomic forecasting and economic research. Macro-level data sources are often used to measure household accounts, but lack important information about heterogeneity across different types of households that can be found in micro-level data sources. This paper compares aggregates computed based on one micro-level data source--the Survey of Consumer Finances (SCF)--with macro-level sources of information on household accounts. We find that on most measures, aggregates computed from the SCF line up well with macro-level data ...
Finance and Economics Discussion Series , Paper 2015-86

Journal Article
The rich and the poor: demographics of the U.S. wealth distribution
Weicher, John C. (1997-07)
In this article, John C. Weicher extends his 1995 and 1996 reports on the distribution of U.S. wealth to present a detailed examination of the demographics of the richest and poorest households. He concludes that concern over the concentration of wealth should be tempered by the apparent fact that "the rich" are a changing group, even over short periods of time. Among his other interesting findings is the observation that most of our nation's rich are entrepreneurs in the American tradition. Less than 8 percent of the net worth of households in the richest 1 percent comes from ...
Review , Issue Jul , Pages 25-37

Working Paper
Aggregate debt and wealth: the significance of the bequest motive
Warshawsky, Mark J. (1988)
Finance and Economics Discussion Series , Paper 10

Working Paper
Prospects for immigrant-native wealth assimilation: evidence from financial market participation
Paulson, Anna L.; Osili, Una Okonkwo (2004)
Because financial transactions are important for wealth accumulation, and rely on trust and confidence in institutions, the financial market behavior of immigrants can provide important insights into the assimilation process. Compared to the native-born, immigrants are less likely to own savings and checking accounts and these differences tend to persist over time. Our results suggest that a large share of the immigrant-native gap in financial market participation is driven by group differences in education, income, and geographic location. For a given immigrant, the likelihood of financial ...
Working Paper Series , Paper WP-04-18

Report
A primer on the economics and time series econometrics of wealth effects: a comment
Lettau, Martin; Barczi, Nathan; Ludvigson, Sydney (2001)
In a recent paper ("A Primer on the Economics and Time Series Econometrics of Wealth Effects," 2001), Davis and Palumbo investigate the empirical relation between three cointegrated variables: aggregate consumption, asset wealth, and labor income. Although cointegration implies that an equilibrium relation ties these variables together in the long run, the authors focus on the following structural question about the short-run dynamics: "How quickly does consumption adjust to changes in income and wealth? Is the adjustment rapid, occurring within a quarter, or more sluggish, taking place ...
Staff Reports , Paper 131

Journal Article
Inflation, age, and wealth
Pozdena, Randall (1987-01)
Economic Review , Issue Win , Pages 17-30

Report
Endogenous productivity and development accounting
Armenter, Roc; Lahiri, Amartya (2006)
Cross-country data reveal that the per capita incomes of the richest countries exceed those of the poorest countries by a factor of thirty-five. We formalize a model with embodied technical change in which newer, more productive vintages of capital coexist with older, less productive vintages. A reduction in the cost of investment raises both the quantity and productivity of capital simultaneously. The model induces a simple relationship between the relative price of investment goods and per capita income. Using cross-country data on the prices of investment goods, we find that the model does ...
Staff Reports , Paper 258

Newsletter
How do sudden large losses in wealth affect labor force participation?
Benson, David A.; French, Eric (2011-01)
The authors assess whether the sudden large losses in household wealth due to recent declines in stock and home values have significantly affected the U.S. labor market. They find that the overall labor force participation rate would be 0.7 percentage points lower were it not for the declines in the values of stocks and houses over the 2006?10 period.
Chicago Fed Letter , Issue Jan

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