View by Day

Since December 1st till March 31 you can apply to our programs:
Master in Economic Research and PhD in Economics

Entry requirements are:
- BA or MA degree or equivalent
- Proficiency in spoken and written English
- Solid background in mathematics
- Previous education in economics is recommended

Your online application must content following documents:
- Curriculum vitae
- Statement of motivation
- Copies of your diplomas and transcripts
- Proof of English proficiency level
- Contact details for two (or max. three) referees

For more information please see sections: How to apply to MAER or How to apply to PhD
In case of any question, please do not hesitate to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.
or see the FAQ sections for MAER or Phd

Kamila Sommer, Ph.D.

Federal Reserve Board

Authors: Kamila Sommer, Jesse Bricker, Joseph Briggs, Sarah Friedman

Abstract: We analyze new household balance sheet measures and quantify the business cycle dynamics of the wealth distribution in the US since 1989. After introducing these data and establishing their credibility, we show that heterogeneous exposures to aggregate price risk accounts for most cyclical variation in the wealth distribution, though group-specific factors also have a non-negligible effect. Next, we show that increases in the output gap and unemployment rate increase wealth inequality, as do accommodative monetary policy shocks. We then describe distributional differences in the evolution of household balance sheets during the last two recessions. Finally, these results imply that accurate models of wealth dynamics require a sufficiently rich portfolio choice problem.

Full Text: The Business Cycle Dynamics of the Wealth Distribution