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Wealth Distribution and Social Mobility in the Us: A Quantitative Approach 美国的财富分配和社会流动:一个定量的方法
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2015-11-01 DOI: 10.1257/AER.20151684
J. Benhabib, Alberto Bisin, Mi (Meg) Luo
{"title":"Wealth Distribution and Social Mobility in the Us: A Quantitative Approach","authors":"J. Benhabib, Alberto Bisin, Mi (Meg) Luo","doi":"10.1257/AER.20151684","DOIUrl":"https://doi.org/10.1257/AER.20151684","url":null,"abstract":"We quantitatively identify the factors that drive wealth dynamics in the United States and are consistent with its skewed cross-sectional distribution and with social mobility. We concentrate on three critical factors: (i) skewed earnings, (ii) differential saving rates across wealth levels, and (iii) stochastic idiosyncratic returns to wealth. All of these are fundamental for matching both distribution and mobility. The stochastic process for returns which best fits the cross-sectional distribution of wealth and social mobility in the United States shares several statistical properties with those of the returns to wealth uncovered by Fagereng et al. (2017) from tax records in Norway. (JEL D31, E13, E21, E25)","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126364380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 133
Local Risk, Local Factors, and Asset Prices 本地风险、本地因素和资产价格
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2015-10-16 DOI: 10.2139/ssrn.2293784
Selale Tuzel, Miao Zhang
{"title":"Local Risk, Local Factors, and Asset Prices","authors":"Selale Tuzel, Miao Zhang","doi":"10.2139/ssrn.2293784","DOIUrl":"https://doi.org/10.2139/ssrn.2293784","url":null,"abstract":"Firm location affects firm risk through local factor prices. We find more procyclical factor prices such as wages and real estate prices in areas with more cyclical economies, namely high “local beta” areas. While procyclical wages provide a natural hedge against aggregate shocks and reduce firm risk, procyclical prices of real estate, which is part of firm's assets, increase firm risk. We confirm that firms located in higher local beta areas have lower industry-adjusted returns and conditional betas, and show that the effect is stronger among firms with low real estate holdings. A production-based equilibrium model explains these empirical findings.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129679555","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 101
Income and Wealth Distribution: Overlooked Basics 收入和财富分配:被忽视的基础
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2015-08-25 DOI: 10.2139/SSRN.2840467
M. Stern
{"title":"Income and Wealth Distribution: Overlooked Basics","authors":"M. Stern","doi":"10.2139/SSRN.2840467","DOIUrl":"https://doi.org/10.2139/SSRN.2840467","url":null,"abstract":"This article reviews the distribution of income and wealth in the US from three basic perspectives that tend to be otherwise overlooked if the subject is framed primarily on the basis of the gross statistics: a) quantity and quality of work effort; b) quantity and quality of capital accumulation; and c) upward and downward mobility. It is suggested that framing the analysis solely, or almost solely, on the basis of the gross statistics tends to mask basic facts and dynamics.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134060100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Which Class and What Squeezes? Relationships with Wellbeing, National Pride, and Inequality 哪个班挤?什么班挤?与幸福、民族自豪感和不平等的关系
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2015-07-16 DOI: 10.2139/ssrn.2631429
K. Ho
{"title":"Which Class and What Squeezes? Relationships with Wellbeing, National Pride, and Inequality","authors":"K. Ho","doi":"10.2139/ssrn.2631429","DOIUrl":"https://doi.org/10.2139/ssrn.2631429","url":null,"abstract":"Singapore had been experiencing high income inequality and a very recent drop in income disparity. As an economy competing for international top talents and investment, Singapore faced worldwide long-term forces raising income inequality; as a democratic city-state responding to heterogeneous demand of its voters, recently strengthened redistributive policies benefiting the poor might strain the national pride and sense of belonging of the middle income class as compared to the relatively more mobile top income class. Using the World Values Survey Singapore 2012, this paper provides evidence that given the long-term trend of income disparity and the recent strengthening of redistribution, the middle income class was indeed squeezed in terms of national pride, feeling as part of the Singapore nation, and attitude towards income redistribution, and suggests that the perception of low social mobility is also a reason for the findings among others.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125226236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Optimal Taxation When People Do Not Maximize Well-Being 当人们没有最大化幸福时的最优税收
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2015-06-25 DOI: 10.2139/ssrn.2622957
Aart Gerritsen
{"title":"Optimal Taxation When People Do Not Maximize Well-Being","authors":"Aart Gerritsen","doi":"10.2139/ssrn.2622957","DOIUrl":"https://doi.org/10.2139/ssrn.2622957","url":null,"abstract":"I derive the optimal nonlinear income tax when individuals do not necessarily maximize their own well-being. This generates a corrective argument for taxation: optimal marginal taxes are higher (lower) if individuals work too much (too little) from a well-being point of view. I allow for multidimensional heterogeneity and derive the optimal tax schedule in terms of measurable sufficient statistics. One of these statistics measures the degree to which individuals fail to optimize their labor supply. I empirically estimate this by using British life satisfaction data as a measure of well-being. I find that low-income workers tend to work ‘too little’ and high-income workers ‘too much,’ providing a motive for lower marginal tax rates at the bottom and higher marginal tax rates at the top of the income distribution.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116664136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 43
Top Incomes in Canada: Evidence from the Census 加拿大最高收入:来自人口普查的证据
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2015-05-18 DOI: 10.3386/w21347
T. Lemieux, W. C. Riddell
{"title":"Top Incomes in Canada: Evidence from the Census","authors":"T. Lemieux, W. C. Riddell","doi":"10.3386/w21347","DOIUrl":"https://doi.org/10.3386/w21347","url":null,"abstract":"This paper looks at the evolution of incomes at the top of the distribution in Canada. Master files of the Canadian Census are used to study the composition of top income earners between 1981 and 2011. Our main finding is that, as in the United States, executives and individuals working in the financial and business services sectors are the two most important groups driving the growth in top incomes in Canada. A finding more specific to Canada is that the oil and gas sector has also played an important role in income growth at the top, especially in more recent years. Another arguably Canadian-specific finding is that holders of medical degrees have lost ground compared to other top income earners. Finally, despite the IT revolution, scientists, engineers and even computer scientists do not account for much of the growth in top incomes in Canada.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128212166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
Labor Market Slack and Monetary Policy 劳动力市场疲软与货币政策
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2015-04-01 DOI: 10.3386/w21094
David G. Blanchflower, Andrew T. Levin
{"title":"Labor Market Slack and Monetary Policy","authors":"David G. Blanchflower, Andrew T. Levin","doi":"10.3386/w21094","DOIUrl":"https://doi.org/10.3386/w21094","url":null,"abstract":"In the wake of a severe recession and a sluggish recovery, labor market slack cannot be gauged solely in terms of the conventional measure of the unemployment rate (that is, the number of individuals who are not working at all and actively searching for a job). Rather, assessments of the employment gap should reflect the incidence of underemployment (that is, people working part time who want a full-time job) and the extent of hidden unemployment (that is, people who are not actively searching but who would rejoin the workforce if the job market were stronger). In this paper, we examine the evolution of U.S. labor market slack and show that underemployment and hidden unemployment currently account for the bulk of the U.S. employment gap. Next, using state-level data, we find strong statistical evidence that each of these forms of labor market slack exerts significant downward pressure on nominal wages. Finally, we consider the monetary policy implications of the employment gap in light of prescriptions from Taylor-style benchmark rules.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114161272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 36
Do Wages Rise When Corporate Taxes Fall? 公司税下降时工资上涨吗?
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2014-12-17 DOI: 10.2139/ssrn.2579680
Nils aus dem Moore, Tanja Kasten, C. Schmidt
{"title":"Do Wages Rise When Corporate Taxes Fall?","authors":"Nils aus dem Moore, Tanja Kasten, C. Schmidt","doi":"10.2139/ssrn.2579680","DOIUrl":"https://doi.org/10.2139/ssrn.2579680","url":null,"abstract":"We contribute to the empirical literature on the effective incidence of corporate income taxation by using the German Business Tax Reform of the year 2000 (GBTR 2000) as a natural experiment. Its effect on wages in the manufacturing sector is identified by means of a difference-in-differences analysis that uses French firms as comparison group. We provide evidence that GBTR 2000 led to a significant and sizeable wage effect. For 2001, the first year after GBTR 2000 took effect, we estimate a short-run effect that implies a wage increase of 7.9 percent. Due to the dynamic nature of the empirical model used, the incidence effect grows gradually over time during the evaluation period.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122095760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Measures of Income Inequality are Biased or Misinterpreted 衡量收入不平等的方法存在偏见或误解
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2014-11-01 DOI: 10.2139/ssrn.2536325
I. Kitov
{"title":"Measures of Income Inequality are Biased or Misinterpreted","authors":"I. Kitov","doi":"10.2139/ssrn.2536325","DOIUrl":"https://doi.org/10.2139/ssrn.2536325","url":null,"abstract":"Considering various measures of personal income and the evolution of the household size distribution we reveal major quantitative inconsistencies in the definition of household inequality. The changing composition of households in the U.S. is the only effect causing the observed increase in Gini coefficient since 1967. When corrected for the actual decrease in the average household size the relevant Gini returns to that of personal incomes. The latter has been hovering in a very narrow range between 0.50 and 0.51 since 1974.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130031493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is the United States Still a Land of Opportunity? Recent Trends in Intergenerational Mobility 美国仍然是一片充满机遇的土地吗?代际流动的最新趋势
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2014-01-01 DOI: 10.1257/AER.104.5.141
Raj Chetty, Nathaniel Hendren, Patrick M. Kline, Emmanuel Saez, Nick Turner
{"title":"Is the United States Still a Land of Opportunity? Recent Trends in Intergenerational Mobility","authors":"Raj Chetty, Nathaniel Hendren, Patrick M. Kline, Emmanuel Saez, Nick Turner","doi":"10.1257/AER.104.5.141","DOIUrl":"https://doi.org/10.1257/AER.104.5.141","url":null,"abstract":"We present new evidence on trends in intergenerational mobility in the U.S. using administrative earnings records. We find that percentile rank-based measures of intergenerational mobility have remained extremely stable for the 1971-1993 birth cohorts. For children born between 1971 and 1986, we measure intergenerational mobility based on the correlation between parent and child income percentile ranks. For more recent cohorts, we measure mobility as the correlation between a child's probability of attending college and her parents' income rank. We also calculate transition probabilities, such as a child's chances of reaching the top quintile of the income distribution starting from the bottom quintile. Based on all of these measures, we find that children entering the labor market today have the same chances of moving up in the income distribution (relative to their parents) as children born in the 1970s. However, because inequality has risen, the consequences of the \"birth lottery\" - the parents to whom a child is born - are larger today than in the past.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123019047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 743
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