| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13199
|
| DP13199 How do Inheritances Shape Wealth Inequality? Theory and Evidence from Sweden |
| Arash Nekoei; David Seim
|
| 发表日期 | 2018-09-24
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | Inheritances reduce relative measures of wealth inequality according to recent evidence from several countries. Using a theoretical model and Swedish administrative data, we first show that this counter-intuitive finding can be explained by high intergenerational wealth mobility and low inheritance inequality relative to wealth inequality. We then exploit two quasi-experiments: randomness in the timing of death and an inheritance tax repeal. We find that the equalizing effect of inheritances is short-lasting and reverted within a decade since less wealthy heirs deplete their inherited wealth rapidly in contrast to more affluent heirs. This depletion represents a constant reduction in annual savings equivalent in size to 10% of the average inheritances amount. 70% of this additional annual non-labor income are allocated to consumption (half of it is car purchases) in the first years, compared to 90% in later years. The remaining 30% (or 10%) reflect a considerable albeit declining labor supply elasticity with respect to inheritances. Taken together, our findings suggest that inheritance taxation can reduce long-run wealth inequality solely through the taxation of very large inheritances. |
| 主题 | Labour Economics
; Public Economics
|
| 关键词 | Inheritance
Inequality
Wealth
Consumption
Labor supply
|
| URL | https://cepr.org/publications/dp13199-0
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542002
|
推荐引用方式
GB/T 7714 |
Arash Nekoei,David Seim. DP13199 How do Inheritances Shape Wealth Inequality? Theory and Evidence from Sweden. 2018.
|
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