Racial Differentials in the Wealth Effects of the Financial Crisis and Great Recession
Daniel Giedeman and
Leslie Muller ()
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Leslie Muller: Grand Valley State University
Journal of Economics, Race, and Policy, 2018, vol. 1, issue 2, 126-141
Abstract The financial crisis of 2007–2009 was arguably the most severe financial crisis in American history and the subsequent Great Recession was the worst economic downturn in the USA since the Great Depression. In this paper, we analyze data from the Panel Survey of Income Dynamics (PSID) to examine the effects of the crisis and recession on the wealth of White and Black families using graphical, cross section, and panel empirical models. While other studies have measured the short-term effects of the crisis and recession on American household wealth, we are able to look at longer-term wealth effects by incorporating data from the recently released 2015 wave of the PSID. Our results indicate that the negative consequences of the economic downturn on Black families’ wealth were severe and longer-lasting than for White families.
Keywords: D31; I31; J15; Great recession; Inequality; Race; Wealth (search for similar items in EconPapers)
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