The United States experienced an unprecedented financial crisis after 2007. This paper analyzes whether retirees had enough wealth built up to weather the financial risks that materialized in the crisis. Financial risks associated with saving for retirement had increasingly shifted onto individuals and away from the public and employers during the decades before the crisis. This growing persona...

OBJECTIVE Financial resources are a potent determinant of health, yet it remains unclear why this is the case. We aimed to identify whether the frequently observed association between absolute levels of monetary resources and health may occur because money acts an indirect proxy for a person's social rank. METHOD To address this question we examined over 230,000 observations on 40,400 adults ...

In this article, we explore whether relative risk aversion varies with wealth. First, we derive theoretical predictions on how risky shares respond to wealth fluctuations in a portfolio choice model with both external habits and time-varying labor income. Our analytical results indicate that: (1) for each household, there are two channels through which the risky share responds to wealth fluctua...

BACKGROUND There is a substantial body of evidence of income-related inequalities in dental care use, attributed to the fact that dental care is often not covered by public health insurance. Wealth-related inequalities have also been shown to be greater than income-related inequalities. Japan is one of the exceptions, as the the universal pubic health insurance system has covered dental care. T...

Recent protest movements brought attention to the one percent, a segment of the population that is critical to understanding inequality and social mobility but that attracts relatively little research attention. In this article, I survey current research on the one percent in the United States. I distinguish income from wealth and show that both are very concentrated but that the concentration ...