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The Wealthy Hand-to-Mouth. Greg Kaplan, Princeton University, NBER, and IFS; Giovanni L. Violante, New York University, CEPR, NBER, and IFS; Justin Weidner, Princeton University “The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets that carry a transaction cost, such as housing or retirement …
“According to the summary results of bank stress tests announced by the Federal Reserve on Thursday, the largest banking institutions in the United States are collectively better positioned to continue to lend to households and businesses and to meet their financial commitments in an extremely severe economic downturn than they were five years ago. This …
“The Bank of England today launched its Strategic Plan, following a six month exercise led by the Executive Committee of the Bank. The Plan, to be implemented over the next three years, provides an ambitious agenda to transform the institution to take full advantage of the Bank’s expanded policy responsibilities. It will create a single, unified institution – One …
“Recent and very extensive information from the Internal Revenue Service (IRS) about tax returns, audits and its own criminal enforcement actions are now available on the public web site of the Transactional Records Access Records (TRAC). See TRAC’s IRS Data Tools and Applications page. TRAC’s tools let you explore newly released data from the IRS about …
“The stories in our e-book on Ms. Yellen — based on decades of Wall Street Journal reporting about the economy, the central bank and national policy makers — form the first in-depth portrait of the woman with the levers of the global financial system at her fingertips.” To download the full e-book for free, go …
News release: “Information received since the Federal Open Market Committee met in January indicates that growth in economic activity slowed during the winter months, in part reflecting adverse weather conditions. Labor market indicators were mixed but on balance showed further improvement. The unemployment rate, however, remains elevated. Household spending and business fixed investment continued to …
“U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago. That’s according to the results of the latest Regulatory & Risk Management Indicator for the U.S. banking industry issued today by Wolters Kluwer Financial Services, a comprehensive provider of risk management, compliance, finance and audit solutions and …
March 2014 EBRI Issue Brief #397 Employee Benefit Research Institute, 2014. Executive Summary “The percentage of workers confident about having enough money for a comfortable retirement, at record lows between 2009 and 2013, increased in 2014. Eighteen percent are now very confident (up from 13 percent in 2013), while 37 percent are somewhat confident. Twenty-four percent are …
“An examination of data from the FINRA Investor Education Foundation’s National Financial Capability Study (State-by-State Survey) found that millennials are struggling financially. In particular, they exhibit a number of problematic financial behaviors, display low levels of financial literacy and express concerns about their debt. Within the millennial generation, females and minorities display signs of lower financial capability relative to males …
“Growing inequality in recent years has put increased pressure on fiscal policy to redistribute income. While the question of just how much redistribution the state should do, in the end, rests with national governments, the design of the policies themselves has a critical bearing on their effects on efficiency and growth. The design of these growth-friendly, …
Redistribution, Inequality, and Growth. Jonathan D. Ostry, Andrew Berg, and Charalambos G. Tsangarides. February 2014. “Economists are increasingly focusing on the links between rising inequality and the fragility of growth. Narratives include the relationship between inequality, leverage and the financial cycle, which sowed the seeds for crisis; and the role of political-economy factors (especially the influence of the rich) …
“The federal government ran a budget deficit of $379 billion for the first five months of fiscal year 2014, CBO estimates, $115 billion less than the shortfall recorded in the same span last year. Revenues are higher and outlays are lower than they were at this time a year ago. Without shifts in the timing …
