2023-09-28 14:46:10 +00:00
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abstract: 'Objective To examine the distributional effects of the 2008 recession
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and subsequent recovery across generational cohorts. Methods Using data
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from the Survey of Consumer Finances (2007-2016), we constructed a
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measure of economic well-being accounting for income, household size,
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and annuitized value of assets. We examine trajectories of adjusted
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income and inequality, using Gini coefficients and income shares by
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decile, for the overall population and by cohort during the recession
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and recovery. Results Inequality declined temporarily during the
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recession, but reached new highs during the recovery. During recovery,
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population-level increases in economic resources were not reflected
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among below-median households, as the more concentrated financial assets
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rose while broader-based home equity and employment fell or remained
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stagnant. Inequality measures increased for cohorts in their primary
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working years (Generation-X and Baby Boomers), but not among the younger
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Millennials, who were at early stages of education, workforce entry, and
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household formation. Discussion The study illustrates an integrative
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approach to analyzing cumulative dis/advantage by considering
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interactions between historically consistent macrolevel events, such as
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economic shocks or policy choices affecting all cohorts, and the
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persistent life-course processes that tend to increase heterogeneity and
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inequality as cohorts age over time. Although recovery policies led to
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rapid recovery of financial asset values, they did not proportionately
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reach those below the median or their economic resource types. Results
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suggest that in a high-inequality environment, recovery policies from
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economic shocks may need tailoring to all levels of resources in order
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to achieve more equitable recovery outcomes and prevent exacerbating
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cohort inequality trajectories.'
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affiliation: 'Zewde, N (Corresponding Author), CUNY, Grad Sch Publ Hlth \& Hlth Policy,
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55 W 125th St,5th Floor, New York, NY 10024 USA.
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Zewde, Naomi, CUNY, Grad Sch Publ Hlth \& Hlth Policy, 55 W 125th St,5th Floor,
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New York, NY 10024 USA.
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Crystal, Stephen, Rutgers State Univ, Ctr Hlth Serv Res, New Brunswick, NJ USA.'
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author: Zewde, Naomi and Crystal, Stephen
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author-email: naomi.zewde@sph.cuny.edu
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author_list:
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- family: Zewde
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given: Naomi
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- family: Crystal
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given: Stephen
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da: '2023-09-28'
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doi: 10.1093/geronb/gbab141
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earlyaccessdate: SEP 2021
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eissn: 1758-5368
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files: []
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issn: 1079-5014
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journal: 'JOURNALS OF GERONTOLOGY SERIES B-PSYCHOLOGICAL SCIENCES AND SOCIAL
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SCIENCES'
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keywords: Generational outcomes; Wealth distribution trends; Wealth inequality
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keywords-plus: CUMULATIVE DISADVANTAGE; ADVANTAGE
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language: English
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month: APR 1
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number: '4'
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number-of-cited-references: '52'
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orcid-numbers: Zewde, Naomi/0000-0001-7461-8696
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pages: 780-789
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papis_id: 2e80935b273531310caef151a1c54beb
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ref: Zewde2022impact2008
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researcherid-numbers: 'Zewde, Naomi/JBS-7760-2023
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'
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times-cited: '5'
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title: Impact of the 2008 Recession on Wealth-Adjusted Income and Inequality for US
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Cohorts
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000756495200001
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usage-count-last-180-days: '1'
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usage-count-since-2013: '2'
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volume: '77'
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web-of-science-categories: 'Geriatrics \& Gerontology; Gerontology; Psychology; Psychology,
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Multidisciplinary'
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year: '2022'
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