Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?
Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?
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1962年至2016年美国家庭财富趋势：中产阶级财富恢复了吗？
DOI：
10.3386/w24085
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
E. Wolff
中科院分区：
文献类型：
--
作者：
E. Wolff
资产价格在2007年至2010年期间暴跌，但随后从2010年至2016年反弹。最有说服力的发现是，从2007年到2010年，财富中值暴跌了44%。净资产的不平等在经历了近20年的小幅变动后，从2007年到2010年急剧上升，中产阶级的相对负债也在扩大。这些年净资产中值的大幅下降和整体财富不平等的加剧，在很大程度上可以追溯到中产阶级家庭的高杠杆率和他们投资组合中住房的高比例。从2010年到2016年，平均财富和中位数财富分别反弹了17%和28%。虽然平均财富超过了2007年的前一个峰值，但财富中值仍然下降了34%。在这两种情况下，超过100%的复苏是由于高财富回报率，但这一因素被负储蓄所抵消。从2010年到2016年，中产阶级的相对负债继续下降，财富不平等有所加剧。2007年至2016年，财富持有的种族和民族差距显著扩大，45岁以下家庭的财富相对下降。
Asset prices plunged between 2007 and 2010 but then rebounded from 2010 to 2016. The most telling finding is that median wealth plummeted by 44 percent over years 2007 to 2010. The inequality of net worth, after almost two decades of little movement, went up sharply from 2007 to 2010, and relative indebtedness for the middle class expanded. The sharp fall in median net worth and the rise in overall wealth inequality over these years are largely traceable to the high leverage of middle class families and the high share of homes in their portfolio. Mean and median wealth rebounded from 2010 to 2016, by 17 and 28 percent, respectively. While mean wealth surpassed its previous peak in 2007, median wealth was still down by 34 percent. More than 100 percent of the recovery in both was due to a high return on wealth but this factor was offset by negative savings. Relative indebtedness continued to fall for the middle class from 2010 to 2016, and wealth inequality increased somewhat. The racial and ethnic disparity in wealth holdings widened considerably between 2007 and 2016, and the wealth of households under age 45 declined in relative terms.