英文标题：
《A Statistical Model of Inequality》
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作者：
Ricardo T. Fernholz
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最新提交年份：
2016
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英文摘要：
  This paper develops a nonparametric statistical model of wealth distribution that imposes little structure on the fluctuations of household wealth. In this setting, we use new techniques to obtain a closed-form household-by-household characterization of the stable distribution of wealth and show that this distribution is shaped entirely by two factors - the reversion rates (a measure of cross-sectional mean reversion) and idiosyncratic volatilities of wealth across different ranked households. By estimating these factors, our model can exactly match the U.S. wealth distribution. This provides information about the current trajectory of inequality as well as estimates of the distributional effects of progressive capital taxes. We find evidence that the U.S. wealth distribution might be on a temporarily unstable trajectory, thus suggesting that further increases in top wealth shares are likely in the near future. For capital taxes, we find that a small tax levied on just 1% of households substantially reshapes the distribution of wealth and reduces inequality.
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中文摘要：
本文建立了一个财富分布的非参数统计模型，该模型对家庭财富波动的影响很小。在这种情况下，我们使用新技术获得了财富稳定分布的封闭式逐户特征，并表明这种分布完全由两个因素决定——逆转率（横截面平均逆转的衡量标准）和不同排名家庭的财富特质波动率。通过估计这些因素，我们的模型可以精确地匹配美国的财富分布。这提供了有关当前不平等轨迹的信息，以及对累进资本税分配效应的估计。我们发现有证据表明，美国的财富分布可能暂时处于不稳定的轨道上，因此表明顶级财富份额可能在不久的将来进一步增加。就资本税而言，我们发现，仅对1%的家庭征收一项小税，就能极大地重塑财富分配，减少不平等。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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