Discussion Paper Deutsche Bundesbank No 11 / 2015 The pattern of home ownership across cohorts and its impact on the net wealth distribution : empirical evidence from Germany and the US
Discussion Paper Deutsche Bundesbank No 11 / 2015 The pattern of home ownership across cohorts and its impact on the net wealth distribution : empirical evidence from Germany and the US
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2015
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在这篇实证论文中，我们分析了不同群体的住房拥有率与净财富分配之间的联系。我们特别感兴趣的是跨群体的所有权模式的影响。鉴于财富在生命周期中不断积累，而且业主比租房者更富有，过去的保有权选择影响着今天不同群体的业主比例，应该与当前的财富水平和不平等有关。为了衡量群体所有权结构对净财富分配的影响，我们将美国的住房拥有模式强加于德国，并提出这样的问题：如果德国家庭按照群体的保有权状态分布与美国家庭相同，那么德国的净财富分配会是什么样子？我们的结果表明，群体内的拥有率和模式与财富分配密切相关。将美国的结构强加给德国会导致德国中位数大幅上升，并减少财富不平等。我们发现，其中一些影响可以归因于德国和美国老一代人之间所有权份额的差异，正如文献中经常提到的那样，但这种影响似乎没有预期那么明显。过去的任期选择确实会影响今天的净财富分配。
In this empirical paper we analyze the link between homeownership across cohorts and the net wealth distribution. In particular we are interested in the effect of the pattern of ownership across cohorts. Given that wealth accumulates over the life-cycle and that owners are wealthier than renters, past tenure choices, affecting today’s share of owners for different cohorts, should be related to current wealth levels and inequality. In order to gauge the effect of the ownership structure over cohorts on the distribution of net wealth we impose the homeownership pattern of the US on Germany and ask: What would the net wealth distribution in Germany look like if German households were distributed across tenure status along cohorts the same way as those in the US? Our results indicate that the ownership rate and pattern within cohorts is closely linked to the wealth distribution. Imposing the structure of the US on Germany leads to a large increase in the German median and reduces wealth inequality. We show that some of these effects can be attributed to the difference in ownership shares between old cohorts in Germany and the US as often mentioned in the literature, but this effect appears to be less pronounced than expected. Past tenure choice indeed affects today’s net wealth distribution.