Calendrier du 17 novembre 2021
Histoire des entreprises et de la finance
Du 17/11/2021 de 16:00 à 17:30
Salle R2.21, Campus Jourdan
GALBIATI Roberto (Sciences Po)
J'Accuse ! Antisemitism and Financial Markets in the Time of The Dreyfus Affair
Economic History Seminar
Du 17/11/2021 de 12:00 à 13:30
Salle R2.21, Campus Jourdan
BAULUZ Luis (Université de Bonn)
Historical trends in intergenerational wealth inequality in the US and France
écrit avec with Timothy Meyer
This paper studies the wealth accumulation of different cohorts in the U.S. and France since 1950 and 1970, respectively. We provide a set of new stylized facts that shows a stark divergence between the wealth holdings of old and young adults since the 1980s, most strongly in the U.S. Using microdata for the U.S., we explore the reasons for this divergence by decomposing wealth accumulation into three components: saving, capital gains, and inheritances. While saving was the single most important component of wealth accumulation for cohorts born at the beginning of the 20th century, capital gains have started to play a much more prominent role for more recent generations. Our findings indicate that positive capital gains in recent decades are the main driver of the rising wealth differences between young and old adults. We also document stark changes in the life-cycle saving profile of old and new cohorts. Out of their lifetime incomes, different cohorts saved approximately the same, but older cohorts saved less at middle ages and more when old. Growing dissaving by old adults in recent years explains most of the decline in the US household saving rate since the 1980s."