G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11635
DP11635 Heterogeneity and Persistence in Returns to Wealth
Luigi Guiso; Luigi Pistaferri; Andreas Fagereng
发表日期2016-11-14
出版年2016
语种英语
摘要We provide a systematic analysis of the properties of individual returns to wealth using twenty years of population data from Norway’s administrative tax records. We document a number of novel results. First, in a given cross-section, individuals earn markedly different returns on their assets, with a difference of 500 basis points between the 10th and the 90th percentile. Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth. Fourth, returns have an individual permanent component that accounts for 60% of the explained variation. Fifth, for wealth below the 95th percentile, the individual permanent component accounts for the bulk of the correlation between returns and wealth; the correlation at the top reflects both compensation for risk and the correlation of wealth with the individual permanent component. Finally, the permanent component of the return to wealth is also (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
主题Financial Economics
关键词Wealth inequality Returns to wealth Heterogeneity Intergenerational mobility
URLhttps://cepr.org/publications/dp11635
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/540449
推荐引用方式
GB/T 7714
Luigi Guiso,Luigi Pistaferri,Andreas Fagereng. DP11635 Heterogeneity and Persistence in Returns to Wealth. 2016.
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