American Economic Journal: Macroeconomics · 2025 · Barış Kaymak、David Leung、Markus Poschke
中文摘要
我们评估了不同宏观经济建模方法对财富集中问题的经验相关性, 具体做法是将劳动收入、资本收入与净资产的联合分布同一个家庭异质性世代交叠 (OLG) 模型相结合。我们发现, 巨大的劳动收入差距是美国财富集中的主要来源。这反映了如下事实: 在数据中, 劳动收入——既包括工资薪金, 也包括创业所得——是最高收入与财富群体的主要收入来源。遗产与资本回报率差异共同解释了最富裕家庭财富持有量的大约一半。(JEL D31, E25, G51, J23, J31, L26)
Abstract
We assess the empirical relevance of different macroeconomic modeling approaches to wealth concentration, using the joint distribution of earnings, capital income, and net worth in combination with an OLG model of household heterogeneity. We find large earnings disparities to be the primary source of US wealth concentration. This reflects the fact that labor income, from salaries but also from entrepreneurship, is a major income source for top income and wealth groups in the data. Bequests and differences in rates of return on capital together explain about half the holdings of the wealthiest households. (JEL D31, E25, G51, J23, J31, L26)