Earnings Dynamics and Firm-Level Shocks
In: NBER Working Paper No. w25786
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In: NBER Working Paper No. w25786
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Working paper
In: CESifo Working Paper Series No. 7107
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In: NBER Working Paper No. w24356
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In: NBER Working Paper No. w24006
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In: American economic review, Band 106, Heft 5, S. 651-655
ISSN: 1944-7981
Lacking a long time series on the assets of the very wealthy, Saez and Zucman (2015) use US tax records to obtain estimates of wealth holdings by capitalizing asset income from tax returns. They document marked upward trends in wealth concentration. We use data on tax returns and actual wealth holdings from tax records for the whole Norwegian population to test the robustness of the methodology. We document that measures of wealth based on the capitalization approach can lead to misleading conclusions about the level and the dynamics of wealth inequality if returns are heterogeneous and even moderately correlated with wealth.
In: NBER Working Paper No. w22822
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In: ECB Working Paper No. 1656
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In: NBER Working Paper No. w18445
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In: IZA Discussion Paper No. 11237
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In: IZA Discussion Paper No. 6900
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In: NBER Working Paper No. w15617
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In: NBER Working Paper No. w15554
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In: The economic journal: the journal of the Royal Economic Society, Band 129, Heft 622, S. 2322-2341
ISSN: 1468-0297
Abstract
We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively larger ones (equal to three-months' income). The results are broadly in line with models of intertemporal choice with precautionary saving, borrowing constraints and finite horizons.