| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w27465
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| 来源ID | Working Paper 27465
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| Understanding 100 Years of the Evolution of Top Wealth Shares in the U.S.: What is the Role of Family Firms? |
| Andrew Atkeson; Magnus Irie
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| 发表日期 | 2020-07-06
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | We use a simple random growth model to study the role of changing dynamics of family firms in shaping the evolution of top wealth shares in the United States over the course of the past century. Our model generates a time path for top wealth shares remarkably similar to those found by Saez and Zucman (2016) and Gomez (2019) when the volatility of idiosyncratic shocks to the value of family firms is similar to that found for public firms by Herskovic, Kelly, Lustig, and Van Nieuwerburgh (2016) over the past 100 years. We also show that consideration of family firms contributes not only to overall wealth inequality, but also to considerable upward and downward mobility of families within the distribution of wealth. We interpret our results as indicating that improving our understanding of the economics of the process by which families found new firms and then, eventually, diversify their wealth is central to improving our understanding of the distribution of great wealth and its evolution over time. |
| 主题 | Macroeconomics
; Consumption and Investment
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| URL | https://www.nber.org/papers/w27465
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585138
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推荐引用方式
GB/T 7714 |
Andrew Atkeson,Magnus Irie. Understanding 100 Years of the Evolution of Top Wealth Shares in the U.S.: What is the Role of Family Firms?. 2020.
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文件名：
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w27465.pdf
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格式：
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Adobe PDF
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