Adam, K and P Tzamourani (2015), “Distributional consequences of asset price inflation in the Eurozone”, CEPR Discussion Paper, DP10897, October 2015.

We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively few households, while the median household strongly benefits from housing price increases. The capital gains from bond price increases (relative to household net wealth) do not correlate with household net wealth (or income). Bond price increases thus leave net wealth inequality largely unchanged. In contrast, equity price increases largely benefit the top end of the net wealth (and income) distribution, thus amplify net wealth inequality. Housing price increases display a hump shaped pattern over the net wealth distribution, with the poorest and richest households benefitting least. With regard to the latter finding there exists considerable heterogeneity across Euro Area countries.

对此论文的科普文章参见：http://www.voxeu.org/article/asset-price-inflation-ez-winners-and-losers

Klaus Adam为德国曼海姆大学经济系教授，主页：http://adam.vwl.uni-mannheim.de/1528.0.html

Klaus Adam is Professor of Economics at the University of Mannheim, Research Professor at the Deutsche Bundesbank, a Research Fellow at the Center of Economic Policy Research (CEPR) in London, a Research Fellow at the Center for Financial Studies (CFS) in Frankfurt and Vice Chair of the Euro Area Business Cycle Network (EABCN). He is also an Associate Editor for the Journal of Monetary Economics.

His research focuses on macroeconomics with a special emphasis on monetary and fiscal policy making, as well as on issues related to learning and the formation of expectations with applications to asset pricing and business cycle dynamics.

In 2011 he received a 5-year ERC Starting Grant for the project 'Boom and Bust Cycles in Asset Prices: Real Implications and Monetary Policy Options' which ERC supports with more than 750.000 Euros. In April 2012 Klaus Adam received the inaugural Junior Prize for Monetary and Financial Economics from Banque de France and Tolouse School of Economics.

From 02/2011-07/2013 Klaus Adam was Dean of Graduate Studies of the Graduate School of Social and Economic Sciences (GESS) and Academic Director of the Center for Doctoral Studies in Economics (CDSE) at Mannheim University. He was the main proposal writer for the GESS application within the German Excellence Initative competition. The successful proposal was awarded over 8m Euros for the period 2012-2017 by the German Science Foundation and the Wissenschaftsrat.

Prior to joining Mannheim University he was Principal Economist at the Monetary Policy Research Division of the European Central Bank in Frankfurt. Klaus Adam studied economics at University of Freiburg, University of Wisconsin (Madison), and at Bonn University. He obtained his Ph.D. from the European University Institute in Florence and held assistant professorships at the University of Salerno and Goethe University in Frankfurt.