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Displaying results 1 to 9 of 9.

  1. Why are the wealthiest so wealthy?
    a longitudinal empirical investigation
    Author: Ozkan, Serdar; Hubmer, Joachim; Salgado, Sergio; Halvorsen, Elin
    Published: March 2023
    Publisher:  CESifo, Munich, Germany

    We use Norwegian administrative panel data on wealth and income between 1993 and 2015 to study lifecycle wealth dynamics, focusing on the wealthiest households. On average, the wealthiest start their lives substantially richer than other households... more

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    We use Norwegian administrative panel data on wealth and income between 1993 and 2015 to study lifecycle wealth dynamics, focusing on the wealthiest households. On average, the wealthiest start their lives substantially richer than other households in the same cohort, own mostly private equity, earn higher returns, derive most of their income from dividends and capital gains, and save at higher rates. At age 50, the excess wealth of the top 0.1% group relative to mid-wealth households is accounted for in about equal terms by higher saving rates (34%), higher initial wealth (32%), and higher returns (27%), while higher labor income (5%) and inheritances (1%) account for the small residual. There is significant heterogeneity among the wealthiest: one-fourth of them-which we dub the "New Money"-start with negative wealth but experience rapid wealth growth early in life. Relative to the quartile of top owners that already started their life rich-the "Old Money"-the New Money are characterized by even higher saving rates and returns and also by higher labor income. Their excess wealth is mainly explained by higher saving rates (46%), higher returns (34%), and higher labor income (16%).

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271968
    Series: CESifo working papers ; 10324 (2023)
    Subjects: wealth inequality; lifecycle wealth dynamics; rate of return heterogeneity; bequests; saving rate heterogeneity
    Scope: 1 Online-Ressource (circa 114 Seiten), Illustrationen
  2. Heterogeneous bequests and social inequalities
    Author: Borissov, Kirill; Bosi, Stefano; Thai Ha Huy; Pakhnin, Mikhail
    Published: October 2023
    Publisher:  CESifo, Munich, Germany

    We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove that every equilibrium path converges to a unique steady state, and study the effect of altruism on the properties of steady-state... more

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    We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove that every equilibrium path converges to a unique steady state, and study the effect of altruism on the properties of steady-state equilibrium. We show that aggregate income is positively related to both level of altruism and altruism heterogeneity. When altruism heterogeneity is low, income inequality follows an inverse U-shaped pattern relative to the level of altruism, which is consistent with the cross-country Kuznets curve. When altruism heterogeneity is high, income inequality monotonically decreases with the level of altruism. Our results suggest that heterogeneous altruism is an important mechanism linking economic growth and income inequality.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/282405
    Series: CESifo working papers ; 10717 (2023)
    Subjects: economic growth; heterogeneous agents; altruism; bequests; inequality; Kuznets curve
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  3. Opportunity and inequality across generations
    Author: Koeniger, Winfried; Zanella, Carlo
    Published: February 2022
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We evaluate a temporary public sector employment program targeted at individuals with weak labor market attachment, applying dynamic inverse probability weighting to account for dynamic selection. We show that the program is successful in increasing... more

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    We evaluate a temporary public sector employment program targeted at individuals with weak labor market attachment, applying dynamic inverse probability weighting to account for dynamic selection. We show that the program is successful in increasing employment and reducing social assistance. However, being at a regular workplace seems crucial: we find negative employment effects for participants employed at a workplace created especially for the purpose. The decrease in social assistance is to some extent countered by an increase in the share receiving unemployment insurance benefits, indicating that municipalities are able to shift costs from the local to the central budget.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/252197
    Series: Discussion paper series / IZA ; no. 15073
    Subjects: asymmetric information; intergenerational mobility; inequality; human capital; schooling; bequests
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  4. Wealth, gifts and estate planning at the end of life
    Author: Sturrock, David; Groot, Stefan P. T.; Möhlmann, Jan L.
    Published: [2022]
    Publisher:  Institute for Fiscal Studies, [London]

    We quantify the size and tax-responsiveness of financial transfers made to heirs before death. The wealth of singles (including widows) with children declines substantially in anticipation of death. 92% of this decline is explained by transfers to... more

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    We quantify the size and tax-responsiveness of financial transfers made to heirs before death. The wealth of singles (including widows) with children declines substantially in anticipation of death. 92% of this decline is explained by transfers to children, while long-term care copayments can explain the remainder. Tax-reducing transfers are made across the wealth distribution and are very responsive to the tax rate. Using bunching and difference-in-bunching estimation and exploiting a reform to gift taxation, we estimate Frisch elasticities of gifts to the net-of-tax rate between 9, for those giving around €27,000, and 1, for those giving around €125,000.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/267960
    Series: Working paper / lnstitute for Fiscal Studies ; 22, 29
    Subjects: Deathbed giving; inter-vivos transfers; bequests
    Scope: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  5. Why do couples and singles save during retirement?
    Author: De Nardi, Mariacristina; French, Eric; Jones, John Bailey; McGee, Rory
    Published: [2021]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Cambridge working paper in economics ; 2172
    Subjects: Savings; bequests; medical spending
    Scope: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  6. Do the retired elderly in europe decumulate their wealth?
    the importance of bequest motives, precautionary saving, public pensions, and homeownership
    Author: Horioka, Charles; Ventura, Luigi
    Published: September 2022
    Publisher:  [Asian Growth Research Institute], [Fukuoka, Japan]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Asian Growth Research Institute ; vol. 2022, 08
    Subjects: Aged; bequests; bequest intentions; bequest motives; dissaving; elderly; Europe; household saving; inheritances; intergenerational transfers; life cycle model or hypothesis; precautionary saving; retired elderly; Retirement Saving Puzzle; saving; SHARE; wealth accumulation; wealth decumulation; Wealth Decumulation Puzzle
    Scope: 1 Online-Ressource (circa 44 Seiten)
  7. Wealth, gifts, and estate planning at the end of life
    Author: Sturrock, David; Groot, Stefan P. T.; Möhlmann, Jan L.
    Published: November 2022
    Publisher:  CPB Netherlands Bureau for Economic Policy Analysis, [Den Haag]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: CPB discussion paper
    Subjects: Deathbed giving; inter-vivos transfers; bequests
    Scope: 1 Online-Ressource (circa 74 Seiten)
  8. When is a life worth living?
    a dynastic efficiency criterion for fertility decisions
    Author: Collignon, Pierre-Edouard
    Published: [2021]
    Publisher:  Center for Research in Economics and Statistics, Palaiseau, France

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Center for Research in Economics and Statistics ; no. 2021, 21 (November 2021)
    Subjects: Pareto efficiency; fertility; altruism; bequests
    Scope: 1 Online-Ressource (circa 41 Seiten)
  9. Bequests, imperfections in factor markets, and long-run inequality: a theoretical assessment of Piketty
    Author: Álvarez, Andrés; Gómez, Camilo; Zuleta, Hernando
    Published: [2019]
    Publisher:  CEDE, Centro de Estudios sobre Desarrollo Económico, Bogotá, D.C., Colombia

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1377 (2019,45)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Documentos CEDE ; 2019, no. 45 (diciembre de 2019)
    Subjects: Inequality; growth; bequests; factor shares; Piketty
    Scope: 38 Seiten, Illustrationen
    Notes:

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