This paper analyzes the changes in wealth inequality between college graduates and high-school graduates between 1989 and 2007. The college/high-school net worth gap first narrowed from 1989 to 1995 but then increased thereafter. The wealth gap between the two groups reflects the earnings gap as the evolution in the wealth gap follows the changes in the college premium in income during the samp...

A long-standing policy goal of aid is to narrow, if not close, the parental income gap in children's subsequent educational attainment. Recent research indicates that credit constraints have played a larger role in college enrollment and completion rates over the past 15-20 years (Lochner and Monge-Naranjo, 2011; Lovenheim, 2011). Prior evidence found greater credit constraints in the US than C...

The finance literature documents the relation between labor income and the crosssection of stock returns. A possible explanation is the hedging of investors with relative wealth concerns who pay a premium for securities that help them to keep up with their peers. Relative wealth concerns imply a local effect and a negative risk premium associated with the risk factor, since investors are willin...

We have developed a satellite data derived “Night Light Development Index” (NLDI) as a simple, objective, spatially explicit and globally available empirical measurement of human development derived solely from nighttime satellite imagery and population density. There is increasing recognition that the distribution of wealth and income amongst the population in a nation or region correlates str...

This study uses data from the Panel Study of Income Dynamics to examine whether selfregulation, proxied by regularly dining together with family, is associated with better financial preparedness and greater wealth accumulation across time among households. Findings reveal that individuals who had sufficient self-regulation to regularly eat meals together with their family, increased wealth at a...

This paper considers the macroeconomic implications of a set of empirical studies finding a high degree of dispersion in preference heterogeneity. It develops a model with both uninsurable idiosyncratic income risk and risk aversion heterogeneity to quantify their effects on wealth inequality. The results show that with the available estimates of the risk aversion distribution from PSID data th...

Household survey data consistently depict large variations in saving and wealth, even among households with similar socio-economic characteristics. Within the context of the life cycle hypothesis, families with identical lifetime resources might choose to accumulate different levels of wealth for a variety of reasons, including variation in time preference rates, risk tolerance, exposure to unc...

The present paper gives an overview of the theory of green national accounting. Three purposes of green national accounting (measurement of welfare equivalent income, sustainable income, or net social profit) and two measures (Green NNP and wealth equivalent income) are considered. Under the assumption of no exogenous technological progress, Green NNP is shown to equal wealth equivalent income ...

the objective of this study is to estimate the demand for money in iran using the autoregressive distributed lag (ardl) approach to cointegration analysis. the empirical results show that there is a unique cointegrated and stable long-run relationship among m1 monetary aggregate, income, inflation and exchange rate. we find that the income elasticity and exchange rate coefficients are positive ...

— We investigate the wealth evolution in a system of agents that exchange wealth through a disordered network in presence of an additive stochastic Gaussian noise. We show that the resulting wealth distribution is shaped by the degree distribution of the underlying network and in particular we verify that scale free networks generate distributions with power-law tails in the high-income region....