Tjeerd de Vries, Alexis Akira Toda
arXiv 3 Jun 2020 · Econometrics · publishedReview of Income and Wealth (2021) · 1 citations (OpenAlex)
arXiv:2006.03441 · PDF · DOI · OpenAlex · Extracted main text
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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The works this paper leans on most, across its whole bibliography — not restricted to papers in our corpus. Ranked by composite intensity, which combines how often a work is mentioned, how many sections mention it, and how much of that falls in the main text rather than the appendix.
| Reference | Intensity | Mentions | Sections | Main text | |
|---|---|---|---|---|---|
| 1 | Luxembourg Income Study (LIS) Database (2019) http://www.lisdatacenter.org (multiple countries; September 2019–June 2021), 2021 | 1.000 | 13 | 3 | 100% |
| 2 | Yannick Hoga (2018) Detecting tail risk differences in multivariate time series | 0.874 | 7 | 2 | 100% |
| 3 | Qingyin Ma, John Stachurski, and Alexis Akira Toda (2020) The income fluctuation problem and the evolution of wealth self | 0.794 | 8 | 3 | 50% |
| 4 | Anthony B. Atkinson and Thomas Piketty, editors (2010) Top Incomes: A Global Perspective | 0.737 | 3 | 2 | 100% |
| 5 | Marat Ibragimov and Rustam Ibragimov (2018) Heavy tails and upper-tail inequality: The case of Russia | 0.644 | 2 | 2 | 100% |
| 6 | Alexis Akira Toda (2012) The double power law in income distribution: Explanations and evidence self | 0.644 | 2 | 2 | 100% |
| 7 | William J. Reed (2003) The Pareto law of incomes–-an explanation and an extension | 0.644 | 2 | 2 | 100% |
| 8 | Émilien Gouin-Bonenfant and Alexis Akira Toda (2018) Pareto extrapolation: An analytical framework for studying tail inequality self | 0.511 | 2 | 2 | 50% |
| 9 | Anders Hedegaard Jessen and Thomas Mikosch (2006) Regularly varying functions | 0.511 | 2 | 2 | 50% |
| 10 | Qingyin Ma and Alexis Akira Toda (2021) A theory of the saving rate of the rich self | 0.511 | 2 | 2 | 50% |
Showing the top 10 of 61 scored citations.
arXiv econ.EM papers that cite this one, ranked by how heavily they lean on it.
| Citing paper | Intensity | Mentions | Sections | |
|---|---|---|---|---|
| 1 | Tuning Parameter-Free Nonparametric Density Estimation from Tabulated Summary Data | 0.405 | 1 | 1 |