论文标题
跨时空的资本和劳动收入帕累托指数
Capital and Labor Income Pareto Exponents across Time and Space
论文作者
论文摘要
我们估计了475个国家年度观察结果的资本和劳动收入帕累托指数，跨越了半个世纪以上的52个国家（1967-2018）。我们记录了两个程式化的事实：（i）资本收入比尾巴中的劳动收入更不平等地分配；也就是说，资本指数（1-3，中位数1.46）小于劳动力（2-5，中间3.35），（ii）资本和劳动指数几乎不相关。为了解释这些发现，我们建立了一个不完整的市场模式，其阶梯和资本收入风险会导致资本收入的帕累托指数小于劳动指数，但与劳动指数几乎无关。我们的结果表明，区分收入和财富不平等的重要性。
We estimate capital and labor income Pareto exponents across 475 country-year observations that span 52 countries over half a century (1967-2018). We document two stylized facts: (i) capital income is more unequally distributed than labor income in the tail; namely, the capital exponent (1-3, median 1.46) is smaller than labor (2-5, median 3.35), and (ii) capital and labor exponents are nearly uncorrelated. To explain these findings, we build an incomplete market model with job ladders and capital income risk that gives rise to a capital income Pareto exponent smaller than but nearly unrelated to the labor exponent. Our results suggest the importance of distinguishing income and wealth inequality.
