G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11743
DP11743 The Historical Evolution of the Wealth Distribution: A Quantitative-Theoretic Investigation
Tony Smith; Joachim Hubmer
发表日期2017-01-04
出版年2017
语种英语
摘要This paper employs the benchmark heterogeneous-agent model used in macroeconomics to examine drivers of the rise in wealth inequality in the U.S. over the last thirty years. Several plausible candidates are formulated, calibrated to data, and examined through the lens of the model. There is one main finding: by far the most important driver is the significant drop in tax progressivity that started in the late 1970s, intensified during the Reagan years, and then subsequently flattened out, with only a minor bounce back. The sharp observed increases in earnings inequality, the falling labor share over the recent decades, and potential mechanisms underlying changes in the gap between the interest rate and the growth rate (Piketty’s r − g story) all fall far short of accounting for the data.
主题Macroeconomics and Growth ; Public Economics
URLhttps://cepr.org/publications/dp11743
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/540557
推荐引用方式
GB/T 7714
Tony Smith,Joachim Hubmer. DP11743 The Historical Evolution of the Wealth Distribution: A Quantitative-Theoretic Investigation. 2017.
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