| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17342 |
| DP17342 Income Inequality and Job Creation | |
| Thomas Drechsel; Sebastian Doerr; Donggyu Lee | |
| 发表日期 | 2022-06-20 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper shows that rising top income shares affect job creation at firms of different sizes. High-income households save relatively more in stocks and bonds, and less in bank deposits. We propose that a higher income share of top earners therefore channels funds to large firms, but tightens financing conditions for small, bank-dependent firms. In turn, small firms create relatively fewer jobs. Exploiting variation in top incomes across US states and an instrumental variable strategy, we establish that an increase in the top 10% income share reduces the job creation rate of small firms, relative to large firms. Very small firms and those in bank-dependent industries are most affected. Experiments in a quantitative macroeconomic model show that growing top incomes account for 16% of the decline in the employment share of small firms since 1980, and that ignoring the link between inequality and job creation understates welfare effects of income redistribution. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Income inequality Job creation Small businesses Bank lending Household heterogeneity Financial frictions |
| URL | https://cepr.org/publications/dp17342-1 |
| 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/546463 |
| 推荐引用方式 GB/T 7714 | Thomas Drechsel,Sebastian Doerr,Donggyu Lee. DP17342 Income Inequality and Job Creation. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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