College is Not Enough: Higher Education Does Not Eliminate Racial and Ethnic Wealth Gaps

34 Pages Posted: 16 Feb 2017 Last revised: 15 Oct 2019

See all articles by William R. Emmons

William R. Emmons

Federal Reserve Bank of St. Louis - Banking Supervision and Regulation; Washington University in St. Louis

Lowell Ricketts

Federal Reserve Banks - Federal Reserve Bank of St. Louis

Date Written: 2017

Abstract

Differences in college and post-graduate degree attainment alone explain less than half of Black-White and Hispanic-White wealth gaps in a standard wealth regression. Differences in family structure and measures of luck such as income windfalls and inheritances explain even less. Measures of financial decisionmaking, such as the share of housing in total assets and debt ratios, are much more important.

JEL Classification: D31, D63, I24, J15

Suggested Citation

Emmons, William R. and Ricketts, Lowell, College is Not Enough: Higher Education Does Not Eliminate Racial and Ethnic Wealth Gaps (2017). Review, Vol. 99, Issue 1, pp. 7-39, 2017, Available at SSRN: https://ssrn.com/abstract=2918731 or http://dx.doi.org/10.20955/r.2017.7-39

William R. Emmons (Contact Author)

Federal Reserve Bank of St. Louis - Banking Supervision and Regulation ( email )

411 Locust St
Saint Louis, MO 63011
United States

Washington University in St. Louis ( email )

One Brookings Drive
Campus Box 1208
Saint Louis, MO MO 63130-4899
United States

Lowell Ricketts

Federal Reserve Banks - Federal Reserve Bank of St. Louis ( email )

411 Locust St
Saint Louis, MO 63011
United States

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