神戸大学金融研究会
神戸大学金融研究会2月例会
Monetary Economics Seminar of Kobe University
第601回
RIEBセミナー共催
Jointly supported by RIEB Seminar
日時 Date & Time |
2022年2月22日(火)17:00~18:30 (Tuesday, February 22, 2022, 5:00pm-6:30pm) |
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会場 Place |
Zoomを使ったオンラインセミナー(具体的なアドレスは参加者のみに連絡) Online Seminar by Zoom (Meeting link will be informed to the attendees only.) |
対象 Intended Audience |
教員,院生および同等の知識をお持ちの方 Faculty, Graduate Students, and People with Equivalent Knowledge |
使用言語 Language |
英語 English |
参加登録 Registration |
※事前登録制です。下記より参加登録をお願い致します。追って、招待URLをご連絡いたします。 参加登録 (締切:2/17) |
備考 Note |
報告資料は参加者のみに事前にお送りします Handouts will be sent to the attendees only. |
5:00pm ~ 6:30pm
- 論題
Topic - Wealth Inequality: Opportunity or Unfairness?
- 報告者
Speakers - Michael HALIASSOS (Department of Money and Macroeconomics, Goethe University Frankfurt)
- 概要
Abstract - This paper presents evidence of a new propagation mechanism for wealth inequality, based on differential responses, by education, to greater inequality at the start of economic life. It is motivated by a novel positive cross-country relation between wealth inequality and perceptions of opportunity and fairness, which holds only for the more educated. Using unique administrative micro data and a quasi-field experiment of exogenous allocation of households, the paper finds that exposure to a greater top 10% wealth share at the start of economic life in the country leads only the more educated placed in locations with above-median wealth mobility to attain higher wealth levels and position in the cohort-specific wealth distribution later on. Underlying this effect is greater participation in risky financial and real assets and in self-employment, with no evidence for a labor income, unemployment risk, or human capital investment channel. This differential response is robust to controlling for initial exposure to fixed or other time-varying local features, including income inequality, and consistent with self-fulfilling responses of the more educated to perceived opportunities, without evidence of imitation or learning from those at the top.