| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15796 |
| DP15796 Reparations and Persistent Racial Wealth Gaps | |
| Job Boerma; Loukas Karabarbounis | |
| 发表日期 | 2022-05-13 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We analyze the magnitude and persistence of the racial wealth gap using a long-run model of heterogeneous dynasties with an occupational choice and bequests. Our innovation is to introduce endogenous beliefs about risky returns, reflecting differences in dynasties' investment experiences over time. Feeding the exclusion of Black dynasties from labor and capital markets into the model as the only driving force, we find that the model quantitatively reproduces current and historical racial gaps in wealth, income, entrepreneurship, mobility, and beliefs about risky returns. We explore how the future trajectory of the racial wealth gap might change in response to various policies. Wealth transfers to all Black dynasties that eliminate the average wealth gap today do not lead to long-run wealth convergence. The logic is that centuries-long exclusions lead Black dynasties to hold pessimistic beliefs about risky returns and to forgo investment opportunities after the wealth transfer. Investment subsidies toward Black entrepreneurs are more effective than wealth transfers in permanently eliminating the racial wealth gap. |
| 主题 | Labour Economics ; Macroeconomics and Growth ; Public Economics |
| 关键词 | Reparations Race gaps Wealth entrepreneurship beliefs |
| URL | https://cepr.org/publications/dp15796-2 |
| 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/546332 |
| 推荐引用方式 GB/T 7714 | Job Boerma,Loukas Karabarbounis. DP15796 Reparations and Persistent Racial Wealth Gaps. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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