资本和劳动收入的时空帕累托指数
Capital and Labor Income Pareto Exponents across Time and Space
摘要：
我们估计了跨越52个国家半个世纪（1967-2018）的475个国家年观察的资本和劳动收入帕累托指数。我们记录了两个程式化的事实：（i）资本收入比劳动收入在尾部更不平等地分配;即，资本指数（1-3，中位数1.46）小于劳动指数（2-5，中位数3.35），以及（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全的市场模型，工作阶梯和资本收入风险，导致资本收入帕累托指数小于劳动力指数，但几乎无关。我们的研究结果表明区分收入和财富不平等的重要性。
英文摘要：
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.
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