Financial and Total Wealth Inequality with Declining Interest Rates

Financial wealth inequality and long-term real interest rates track each other closely over the post-war period. Faced with unanticipated lower real rates, households which rely more on financial wealth must see large capital gains to afford the consumption that they planned before the decline in

战后时期，金融财富不平等（financial wealth inequality）与长期实际利率（long-term real interest rates）的变动轨迹高度趋同。面对未预期的实际利率下行，更多依赖金融财富的家庭需获得大额资本收益（capital gains），才能负担得起他们在利率下降前规划的消费。