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- W589649954 abstract "Since the 1980s, the U.S. income distribution has become considerably more concentrated toward the topwhile the wealth distribution has not. I argue that this can be accounted for by occupational shifts causedby the decline in tax progressivity. To show this, I construct a dynamic general equilibrium model of occupationalchoice which distinguishes between entrepreneurs, who run their own firms, and managers,who run publicly owned firms. Collateral constraints induce entrepreneurs to hold more wealth, whilemanagers earn higher wages as a result of competitive assignments to firms. Feeding observed tax policychanges from 1970 to 2000 into the model, I find that (i) less progressive taxation increases the relative massof managers in equilibrium, and explains approximately 30% of the observed increase in the concentrationsof earnings and income without increasing that of wealth, and (ii) reverting to historical tax policies hasonly a negligible impact on consumption equivalent welfare." @default.
- W589649954 created "2016-06-24" @default.
- W589649954 creator A5075429124 @default.
- W589649954 date "2019-04-01" @default.
- W589649954 modified "2023-09-26" @default.
- W589649954 title "Entrepreneurs, managers and inequality" @default.
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- W589649954 doi "https://doi.org/10.1016/j.red.2018.12.006" @default.
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