时 间：2019年12月20日(周五) 10:00
主讲人：赵 开 美国康涅狄格大学经济系副教授
主持人：张 健 教授
主 题：Rising Wealth Inequality: Intergenerational Links, Entrepreneurship, and the Decline in Interest Rate
Share of wealth held by the top one percent in the U.S. has increased from 24% in 1980 to 42% in 2012. In this paper, we examine the potential role played by three factors in accounting for this increase: the decline in the progressivity of taxes and the increase in income inequality in the U.S., as well as the decline in the world interest rates. Our model consists of altruistic households who either run a business or work for others. Entrepreneurial households enjoy high returns due to high productivity while the worker household savings earn the bank deposit rate that is determined in a competitive banking sector that equals the rate of return on foreign bonds. While the model economy is calibrated to match the wealth inequality in the U.S. it has other properties that have been difficult to capture in standard life-cycle models such as a positive relationship between life-time income levels and saving rates. We find that the decline in the interest rate plays a major role in accounting for the increase in wealth inequality as it effects the two types of households very differently. Entrepreneurial households benefit from lower financing costs and increase their investments while worker households face lower returns to their savings as the interest rate declines. Other changes such as the decline in the progressivity of taxes plays a less significant role.
赵开(Kai Zhao)，经济学博士，现任美国康涅狄格大学经济系副教授(终身)，博士生导师。曾任教加拿大西安大略大学及担任美联储访问经济学家。主要研究领域包括宏观经济学，财政政策及中国宏观经济，目前已在Journal of Monetary Economics、International Economic Review、Review of Economic Dynamics、 European Economic Review等国际顶级杂志发表论文10多篇。