Search results for "Net worth"
showing 3 items of 3 documents
Banking Competition, Housing Prices and Macroeconomic Stability
2012
We develop a dynamic general equilibrium model with an imperfectly competitive bank-loans market and collateral constraints that tie investors credit capacity to the value of their real estate holdings. Banks set optimal lending rates taking into account the effects of their price policies on their market share and on the volume of funds demanded by each customer. Lending margins have a significant effect on aggregate variables. Over the long run, fostering banking competition increases total consumption and output by triggering a reallocation of available collateral towards investors. However, as regards the short-run dynamics, we find that most macroeconomic variables are more responsive …
Monetary policy and the redistribution of net worth in the U.S
2021
The view that expansionary monetary policy can exacerbate both income and wealth inequality by increasing asset prices has become increasingly popular. The aim of this paper is to study the distributive effects of monetary policy on wealth inequality. In the first part of this research, we develop a simple framework based on accounting identity to examine the redistributive repercussions of changes in monetary policy on net worth through different channels. Based on this framework, in the second part of the paper, we show empirical evidence concerning the effects of monetary policy on wealth inequality in the US. To derive this, we combined macro and micro data, and proceeded in two steps. …
The rich are different: Unravelling the perceived and self-reported personality profiles of high-net-worth individuals.
2017
Beyond money and possessions, how are the rich different from the general population? Drawing on a unique sample of high-net-worth individuals from Germany (≥1 million Euro in financial assets; N = 130), nationally representative data (N = 22,981), and an additional online panel (N = 690), we provide the first direct investigation of the stereotypically perceived and self-reported personality profiles of high-net-worth individuals. Investigating the broad personality traits of the Big Five and the more specific traits of narcissism and locus of control, we find that stereotypes about wealthy people's personality are accurate albeit somewhat exaggerated and that wealthy people can be charact…