Data and Code for: Rapid Dynamics of Top Wealth Shares and Self-Made Fortunes, and Overall Wealth Mobility: What is the Role of Family Firms?
Principal Investigator(s): View help for Principal Investigator(s) Andrew Atkeson, University of California-Los Angeles; Magnus Hjortfors Irie, London School of Economics
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
|---|---|---|---|
| Repository | 04/07/2022 12:26:PM |
Project Citation:
Atkeson, Andrew, and Hjortfors Irie, Magnus. Data and Code for: Rapid Dynamics of Top Wealth Shares and Self-Made Fortunes, and Overall Wealth Mobility: What is the Role of Family Firms? Nashville, TN: American Economic Association [publisher], 2022. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2022-11-21. https://doi.org/10.3886/E161621V1
Project Description
Summary:
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This is the replication material for "Rapid Dynamics of Top Wealth Shares and Self-Made Fortunes, and Overall Wealth Mobility: What is the Role of Family Firms?".
Abstract: We derive an analytical link between the fast dynamics of inequality at the
top of the wealth distribution and the prevalence of newly created fortunes.
Specifically, in the context of a random growth model of wealth accumulation,
the shape of the top of the wealth distribution changes rapidly only if the pace
with which new fortunes are created is fast. Quantitatively, the decision of a
few families to bear a large amount of idiosyncratic risk in the form of family
firms is crucial in accounting for both the prevalence of new fortunes and the
dynamics of top wealth inequality.
Abstract: We derive an analytical link between the fast dynamics of inequality at the
top of the wealth distribution and the prevalence of newly created fortunes.
Specifically, in the context of a random growth model of wealth accumulation,
the shape of the top of the wealth distribution changes rapidly only if the pace
with which new fortunes are created is fast. Quantitatively, the decision of a
few families to bear a large amount of idiosyncratic risk in the form of family
firms is crucial in accounting for both the prevalence of new fortunes and the
dynamics of top wealth inequality.
Scope of Project
Subject Terms:
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Dynamics of Wealth Distribution
JEL Classification:
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C46 Specific Distributions; Specific Statistics
D31 Personal Income, Wealth, and Their Distributions
E21 Macroeconomics: Consumption; Saving; Wealth
C46 Specific Distributions; Specific Statistics
D31 Personal Income, Wealth, and Their Distributions
E21 Macroeconomics: Consumption; Saving; Wealth
Geographic Coverage:
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"United States"
Time Period(s):
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1966 – 2016
Data Type(s):
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other
Methodology
Data Source:
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One .csv-file with data on top wealth from Piketty, Saez, and Zucman
(2018) and Smith, Zidar, and Zwick (2021) used to produce figure 3 in the
appendix of the paper. Otherwise only code.
(2018) and Smith, Zidar, and Zwick (2021) used to produce figure 3 in the
appendix of the paper. Otherwise only code.
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