| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21668 |
| 来源ID | Working Paper 21668 |
| Income Inequality and Asset Prices under Redistributive Taxation | |
| Lubos Pastor; Pietro Veronesi | |
| 发表日期 | 2015-10-26 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Our simple model features agents heterogeneous in skill and risk aversion, incomplete financial markets, and redistributive taxation. In equilibrium, agents become entrepreneurs if their skill is sufficiently high or risk aversion sufficiently low. Under heavier taxation, entrepreneurs are more skilled and less risk-averse, on average. Through these selection effects, the tax rate is positively related to aggregate productivity and negatively related to the equity risk premium. Both income inequality and stock prices initially increase but eventually decrease with the tax rate. Investment risk, stock market participation, and skill heterogeneity all contribute to inequality. Cross-country empirical evidence supports the model’s predictions. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Markets ; Public Economics ; Taxation ; Labor Economics ; Labor Supply and Demand ; Labor Compensation |
| URL | https://www.nber.org/papers/w21668 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579343 |
| 推荐引用方式 GB/T 7714 | Lubos Pastor,Pietro Veronesi. Income Inequality and Asset Prices under Redistributive Taxation. 2015. |
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