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우리는 소득, 자본 소득 및 순자산의 공동 분포를 가구 이질성에 대한 OLG 모델과 함께 사용하여 부의 집중에 대한 다양한 거시 경제 모델링 접근 방식의 경험적 관련성을 평가합니다. 우리는 큰 소득 격차가 미국 부의 집중의 주요 원인임을 발견합니다. 이는 급여뿐만 아니라 기업가 정신으로 인한 노동 소득이 데이터의 상위 소득 및 자산 그룹의 주요 소득원이라는 사실을 반영합니다. 유산과 자본수익률의 차이는 함께 가장 부유한 가계의 자산의 약 절반을 설명하지만 나머지는 훨씬 적습니다.
o. 22-28
October 2022
Suggested citation: Kaymak, Barış, David Leung, and Markus Poschke. 2022. "Accounting for Wealth Concentration in the United States." Working Paper No. 22-28. Federal Reserve Bank of Cleveland. https://doi.org/10.26509/frbc-wp-202228.
Federal Reserve Bank of Cleveland Working Paper Series
ISSN: 2573-7953
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications.
See more working papers at: www.clevelandfed.org/research. Subscribe to email alerts to be notified when a new working paper is posted at: www.clevelandfed.org/subscribe.
Accounting for Wealth Concentration in the United States
Barıs¸ Kaymak*
FRB Cleveland and CIREQ
David Leung
National Taiwan University
Markus Poschke
McGill University and CIREQ
Abstract
We assess the empirical relevance of different macroeconomic modeling approaches to wealth concentration, using the joint distribution of earnings, capital income and net worth in combination with an OLG model of household heterogeneity. We find large earnings disparities to be the primary source of US wealth concentration. This reflects the fact that labor income, from salaries but also from entrepreneurship, is a major income source for top income and wealth groups in the data. Bequests and differences in rates of return on capital together explain about half the holdings of the wealthiest of households, but much less for the rest.
JEL Codes: D31, D33, E21
Keywords: Wealth Inequality, Income and Earnings Distribution, Factor Share of Income, Bequests, Rate of Return Heterogeneity
* We thank participants at the NBER Summer Institute, the SED meetings, as well as participants at various seminars and conferences. The authors acknowledge support from Chaire de la fondation J.W. McConnell en études américaines and the SSHRC grant no. 435-2018-0264. The views expressed here are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.
October 2022
Suggested citation: Kaymak, Barış, David Leung, and Markus Poschke. 2022. "Accounting for Wealth Concentration in the United States." Working Paper No. 22-28. Federal Reserve Bank of Cleveland. https://doi.org/10.26509/frbc-wp-202228.
Federal Reserve Bank of Cleveland Working Paper Series
ISSN: 2573-7953
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications.
See more working papers at: www.clevelandfed.org/research. Subscribe to email alerts to be notified when a new working paper is posted at: www.clevelandfed.org/subscribe.
Accounting for Wealth Concentration in the United States
Barıs¸ Kaymak*
FRB Cleveland and CIREQ
David Leung
National Taiwan University
Markus Poschke
McGill University and CIREQ
Abstract
We assess the empirical relevance of different macroeconomic modeling approaches to wealth concentration, using the joint distribution of earnings, capital income and net worth in combination with an OLG model of household heterogeneity. We find large earnings disparities to be the primary source of US wealth concentration. This reflects the fact that labor income, from salaries but also from entrepreneurship, is a major income source for top income and wealth groups in the data. Bequests and differences in rates of return on capital together explain about half the holdings of the wealthiest of households, but much less for the rest.
JEL Codes: D31, D33, E21
Keywords: Wealth Inequality, Income and Earnings Distribution, Factor Share of Income, Bequests, Rate of Return Heterogeneity
* We thank participants at the NBER Summer Institute, the SED meetings, as well as participants at various seminars and conferences. The authors acknowledge support from Chaire de la fondation J.W. McConnell en études américaines and the SSHRC grant no. 435-2018-0264. The views expressed here are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.
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