Inheriting wealth in America: future boom or bust?
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford ; New York
Oxford University Press
[2015]
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Item Description: | Includes bibliographical references (pages 247-252) and index |
| Physical Description: | vii, 258 Seiten Diagramme 24 cm |
| ISBN: | 9780199353958 |
Staff View
MARC
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| 245 | 1 | 0 | |a Inheriting wealth in America |b future boom or bust? |c Edward N. Wolff |
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| 500 | |a Includes bibliographical references (pages 247-252) and index | ||
| 650 | 4 | |a Wealth |z United States | |
| 650 | 4 | |a Inheritance and succession |z United States | |
| 650 | 4 | |a Income distribution |z United States | |
| 651 | 4 | |a USA | |
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Record in the Search Index
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| adam_text | CONTENTS
1. Introduction: Why Inheritances Matter 3
1.1 Prologue 3
1.2 Overview and Plan of the Book 6
2. Background Material 12
2.1 Literature Review on Inheritances 12
2.1.1 Theoretical considerations 12
2.1.2 Direct empirical evidence from the recipient side 14
2.1.2.1 Earli er literature 14
2.1.2.2 More recent literature 16
2.1.2.3 Socioeconomic differences in wealth transfers 19
2.1.3 Direct empirical evidence from the donor side 20
2.1A Indirect empirical evidence 23
2.2 Household Wealth Trends, 1983—2010 26
2.2.1 Historical overview 26
2.2.2 Data sources and methods 27
2.2.3 Median wealth plummets over the late 2000s 29
2.2.4 Wealth inequality jumps in the late 2000s 31
2.2.5 Household debt remains high 36
2.2.5.1 Portfolio composition by wealth class 39
2.2.6 The role of leverage 42
2.2.6.1 Two arithmetic examples 42
2.2.6.2 Rates of return 44
2.2.7 The racial divide widens 46
2.2.8 Wealth drops steeply among younger households 49
2.2.9 Time trends change when pension and Social Security wealth
are included 51
2.2.9.1 Data sources and accounting framework 53
vi
Contents
2.2.9.2 Trends in pension wealth 56
2.2.93 Trends in private augmented wealth (PAW) 57
2.2.9.4 Social Security and augmented wealth 59
2.2.10 Summary and concluding remarks 60
3. Inheritances and the Distribution of Wealth, or Whatever Happened
to the Great Inheritance Boom? 63
3.1 Wealth Transfer Data in the SCF 63
3.2 Data Sources and Methods 64
3.3 Empirical Findings, 1989-2010 66
33.1 Overall trends in inheritances, 1989-2010 66
33.2 Inheritance trends by income, wealth, and demographic group 77
333 Wealth transfers and lifetime earnings 95
3.3.4 Recent wealth transfers 100
33.5 The inequality of wealth transfers and the overall inequality
of wealth 110
33.6 Differential savings rates by wealth class 120
3.3.7 Sensitivity analysis 129
3.4 Summary and Concluding Remarks 133
3.4.1 Have wealth transfers become more important over time? 134
3.4.2 Have wealth transfers led to higher wealth inequality? 136
3.4.3 Have wealth transfers become more unequal over time? 139
3.4.4 Do wealth transfers rise with age? 139
3.4.5 How important are wealth transfers for the very rich? 139
3.4.6 How did the Great Recession affect wealth transfers? 140
Appendix: Questions on Wealth Transfers and Work History
in the Survey of Consumer Finances Questionnaire 141
Al. Questions Asked on General Inheritances in the 1998 SCF 141
A2. Questions on the Inheritance of Real Property and Businesses 142
A3. Questions on Work History in the 1998 SCF 145
4. An Examination of Inheritances Using the Panel Survey of Income Dynamics
(by Maury Gittleman) 147
4.1 Wealth Data in the PSID 147
4.2 Patterns of Inheritances 149
43 Do Inheritances Substitute for Other Savings? 168
4.4 Concluding Remarks 171
Appendix 172
Contents
5. Wealth Accumulation by Age Cohort: The Role of Savings, Capital Gains,
and Intergenerational Transfers 177
5.1 Introduction to the Simulation Model 177
5.2 The Accounting Framework 179
5.3 Data Sources and Descriptive Statistics 181
5.3.1 Income 182
5.3.2 Savings rates by age group 182
5.3.3 Portfolio composition by age group 185
5.3.4 Rates of return 187
5.3.5 Age-wealth profiles 190
5.4 Simulation Model of Wealth Changes by Age Group 192
5.5 Simulation Results 195
5.5.1 Aggregate results 195
5.5.2 Wealth simulations by age group: The role of inter-vivos
transfers 198
5.5.3 Age pattern of inheritances and inter-vivos transfers 209
5.5.4 Savings and capital appreciation by age cohort 211
5.5.5 Lifetime accumulation of wealth 212
5.6 Concluding Remarks 215
Appendix: Sources and Methods Used in the Construction of Savings
Rates by Age Group, 1983-2007 217
6. Conclusions and Policy Recommendations 226
6.1 Summary and Concluding Remarks 226
6.1.1 Summary of principal findings 226
6.1.2 Comparing direct survey evidence with the simulation results 233
6.1.3 Wealth transfers and overall wealth trends 234
6.1.4 Will there be an inheritance bust”? 235
6.1.5 What will happen to the inequality of wealth transfers ? 238
6.2 Policy Recommendations 238
References 247
Index 253
■ regarded as a societal “evil,” enabling
great fortunes to be passed from
one generation to another and thus
exacerbating wealth inequality and
reducing wealth mobility. Discussions
mind the Vanderbilts, Rockefellers, and
‘trust fund babies”-people who receive
enough money through inheritances
or gifts that they do not have any need
to work during their lifetime. Though
these are extreme outliers, inheritances
inAmerica have a reputation for
perpetuating inequality. Xn TriHcr it trig
Wealth in A tricricci, Edward IsT. Wolff
seeks to counter these misconceptions
with data and arguments that illuminate
who inherits what in the United States
and what results from these wealth
transfers.
Using data from the Survey of
Consumer Finances-----a triennial
survey conducted by the Federal
Reserve Board that contains detailed
information on household wealth,
inheritances, and gifts-as wel 1 as the
Panel Study of Income Dynamics and a
simulation model of 1989 to 2010, Wo 111
reports six major findings on the state
of inheritances in America. In a well-
argued analysis, Wo 1 if dispels a number
of popular stereotypes regarding
inheritances, including the commonly
held belief that inheritances increase
economic inequality. On the contrary,
Wolff argues that inheritances actually
reduce inequality, with the reasoning
that wealth transfers typically flow from
richer to poorer persons. While it is true
that inheritances and gifts are unequal,
wdth wealth transfers benefitting the
rich far more often than the middle
class and poor, WolfF demonstrates that
the complete picture of inheritances in
America is much more nuanced than the
cliche of the “trust fund baby/ Clearly
written and illuminating, Inheriting
Wreczlth iti ¿ tnericcz expertly distills an
abundance of data on inheritances into
important takeaways for all who wonder
about the current state of inheritances
and gifts in the United States. The book
will particularly appeal to economists
and social scientists with an interest in
income inequality, wealth transfers, and
i ntergenerational trends in inheritances.
EDWARD rsl . WOLFF received
his doctorate from Tale University
in 1974. f ie is currently Professor of
Economics at New York University and
a Research Associate at the National
Bureau of Economic Research. He
served as Managing Editor of the
Kerieie 0/ Iticotnc tznci rccxlth (1987-
2004) and was a Senior Scholar at
the Levy Economics Institute of
Bard College (1999 — 2011), a Visiting
Scholar at the Russell Sage Foundation
(2003 — 2004), President of the Eastern
Economics Association (2002—2003), a
council member of the International
Input-Output Association (i995~
2003), and a council member of the
International Association for Research
in Income and Wealth (19S7-2012).
|
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:30:31Z |
| institution | BVB |
| isbn | 9780199353958 |
| language | English |
| lccn | 014024769 |
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| physical | vii, 258 Seiten Diagramme 24 cm |
| publishDate | 2015 |
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| publisher | Oxford University Press |
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| spelling | Wolff, Edward N. 1946- Verfasser (DE-588)128732326 aut Inheriting wealth in America future boom or bust? Edward N. Wolff Oxford ; New York Oxford University Press [2015] vii, 258 Seiten Diagramme 24 cm txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references (pages 247-252) and index Wealth United States Inheritance and succession United States Income distribution United States USA Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029008862&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029008862&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Wolff, Edward N. 1946- Inheriting wealth in America future boom or bust? Wealth United States Inheritance and succession United States Income distribution United States |
| title | Inheriting wealth in America future boom or bust? |
| title_auth | Inheriting wealth in America future boom or bust? |
| title_exact_search | Inheriting wealth in America future boom or bust? |
| title_full | Inheriting wealth in America future boom or bust? Edward N. Wolff |
| title_fullStr | Inheriting wealth in America future boom or bust? Edward N. Wolff |
| title_full_unstemmed | Inheriting wealth in America future boom or bust? Edward N. Wolff |
| title_short | Inheriting wealth in America |
| title_sort | inheriting wealth in america future boom or bust |
| title_sub | future boom or bust? |
| topic | Wealth United States Inheritance and succession United States Income distribution United States |
| topic_facet | Wealth United States Inheritance and succession United States Income distribution United States USA |
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