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Wealth Inequality, Family Background and Estate Taxation

来源:湖南大学经济与管理研究中心  日期:2015-08-28 人气:

主   题:Wealth Inequality, Family Background and Estate Taxation


主讲人:Prof. Yang Fang
              Department of Economics, Louisiana State University


时   间:8:30 - 10:00, Jun,12th (Fri.), 2015.


地   点:Administration Building, Room 601 (行政楼601)


摘  要:This paper provides two main contributions. First, it provides a new theory of wealth inequality that merges two forces generating inequality: bequest motives and inheritance of ability across generations; and an earnings process that allows for more earnings risk for the richest. Second, it uses a calibrated framework to study the effects of changing estate taxation on inequality, aggregate capital accumulation and output, the economic advantage of being born to a given parental background, and welfare. Our calibrated model generates realistically skewed distributions for wealth, earnings, and bequests and implies that parental background is a crucial determinant of one’s expected lifetime utility. We find that increasing the estate tax rate would significantly reduce wealth concentration in the hands of the richest few and would reduce the economic advantage of being born to a super-rich family, but also would lower aggregate capital and output. Lastly, it would also generate a significant welfare gain from the ex-ante standpoint of a newborn under the veil of ignorance.


主要嘉宾简介:

Prof. Yang Fang is currently working in the department of Economics at Louisiana State University. She graduated with PhD in Economics from University of Minnesota-Twin Cities. Her research focuses on Macroeconomics, Public Finance, and Wealth Inequality, as well as Savings and Housing. She has recently published papers in journals such as Journal of Labor Economics, Economic Inquiry, European Economic Review, International Economic Review and Journal of Economic Dynamics and Control.