Review of Economic Dynamics · 2025 · Bettina Brüggemann、Zachary L. Mahone
中文摘要
本文将一个关于创业与财富不平等的模型同财富分布上回报率的经验规律进行对照。我们发现,该定量模型所隐含的回报率与数据基本一致。商业财富的回报率较高、具有异质性、与净资产负相关,且具有持续性。资本边际产量的离散度与杠杆率二者对于解释财富分布上回报率的模式都很重要。异质性能力解释了横截面离散度的很大一部分,并驱动个体回报的持续性。
Abstract
This paper confronts a model of entrepreneurship and wealth inequality with empirical patterns on rates of return across the wealth distribution. We find the quantitative model implies rates of return largely consistent with the data. Rates of return to business wealth are high, heterogeneous, negatively correlated with net worth, and persistent. Both dispersion in marginal products of capital and leverage are important for explaining the patterns in rates of return along the wealth distribution. Heterogeneous abilities explain a large portion of cross-sectional dispersion and drive persistence in individual returns.