Conference Agenda

Overview and details of the sessions of this online conference.

Please select a date to show only sessions at that day. Please select a single session for detailed view (with abstracts and downloads if available).

Activate "Show Presentations" and enter your name in the search field in order to find your function (s), like presenter, discussant, chair.

Some information on the session logistics:

The last speaker of each session is the session chair. The discussant is always the following speaker, with the first speaker being the discussant of the last paper. Each paper has a 22-minutes-block in all sessions. There should be 15 minutes and no more than 18 minutes for the presenter. The discussion is then started by the discussant. Please note that the role of the discussant is different compared to previous years: The discussant has only 1-2 minutes and s/he is not allowed to give a lengthy summary of the paper together with comprehensive comments. Instead, her/his task is to raise one single question/comment and, in doing so, start the general discussion! All participants are asked to be strict in timing to allow people to change sessions during the general discussion. For a (rare) session with less papers in the session than the time slot allows, stick to the congress schedule and use 22 minutes per presentation to allow listeners to smoothly change between sessions.

Only registered participants can attend this online conference. Further information available on the congress website https://iipf2021.hi.is/ .

Please note that all times are shown in the time zone of the conference. The current conference time is: 27th Nov 2021, 02:28:57am GMT

 
 
Session Overview
Session
D05: Wealth Inequality and Wealth Taxation
Time:
Thursday, 19/Aug/2021:
10:45am - 12:15pm


Show help for 'Increase or decrease the abstract text size'
Presentations
10:45am - 11:07am

Wealth Inequality in the US: the Role of Heterogeneous Returns

Ines Martins Xavier

Universitat Pompeu Fabra, Spain

Why is wealth so concentrated in the United States? In this paper, I investigate the role of return heterogeneity as a source of wealth inequality. Using household-level data from the Survey of Consumer Finances (1989-2019), I provide new empirical evidence on returns to wealth in the United States, and find that wealthier households earn, on average, higher returns: moving from the 20th to the 99th percentile of the wealth distribution raises the average yearly return from 3.6% to 8.3%. To understand how these return differences shape the distribution of wealth, I introduce realistic return heterogeneity in a partial equilibrium model of household saving behavior. This exercise suggests that considering both earnings and return heterogeneity can fully account for the top 10% wealth share observed in the data (76%), which cannot be explained by earnings differences alone.

Xavier-Wealth Inequality in the US-390.pdf


11:07am - 11:30am

Wealth Taxation and Household Saving: Evidence from Assessment Discontinuities in Norway

Marius A. K. Ring1,2

1University of Texas at Austin, McCombs; 2Statistics Norway, Research Department

I use a quasi-experiment in Norway to examine how households respond to capital taxation. The introduction of a new wealth assessment methodology in 2010 led to geographic discontinuities in household exposure to wealth taxes, along both the extensive and intensive margins. I exploit this novel variation using a Boundary Discontinuity approach. I find that exposure to wealth taxes has a positive effect on both saving and labor earnings. These responses are the combination of small negative effects of increasing the marginal tax rates on wealth and relatively larger positive effects of increasing average tax rates. These results imply that income effects may dominate substitution effects in household responses to rate of return shocks, which has important implications for both optimal capital taxation and macroeconomic modeling.

Ring-Wealth Taxation and Household Saving-145.pdf


11:30am - 11:52am

Monetary Policy and Racial Inequality

Alina Kristin Bartscher1, Moritz Kuhn1, Moritz Schularick1, Paul Wachtel2

1University of Bonn, Germany; 2New York University Stern School of Business

This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white households. Specifically, we show that, although a more accommodative monetary policy increases employment of black households more than for white households, the overall effects are small. At the same time, an accommodative monetary policy shock exacerbates the wealth difference between black and white households, because black households own fewer financial assets that appreciate in value. Over a five-year horizon, the employment effects remain substantially smaller than the countervailing portfolio effects.

Bartscher-Monetary Policy and Racial Inequality-171.pdf


11:52am - 12:15pm

Distributional Financial Accounts in Europe, 1995-2018

Thomas Blanchet1, Clara Martinez-Toledano2

1Paris School of Economics, France; 2Imperial College Business School, United Kingdom

This study presents the first Europe-wide data set of distributional financial accounts from 1995 until 2018. Combining and harmonizing national accounts, individual tax records and wealth surveys, we build wealth distribution series and their asset decomposition ensuring 100% consistency with the UN System of National Accounts. Our estimates cover a longer time frame and are better at capturing the top of the wealth distribution than existing survey-based series. This new data set can be useful to better understand the drivers of wealth accumulation and wealth inequality, including the distributional implications of fiscal and monetary policy.

Blanchet-Distributional Financial Accounts in Europe, 1995-2018-308.pdf


 
Contact and Legal Notice · Contact Address:
Privacy Statement · Conference: IIPF 2021
Conference Software - ConfTool Pro 2.6.142
© 2001 - 2021 by Dr. H. Weinreich, Hamburg, Germany