BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:9d6f875f473084c9be9bb0bc01822172
CATEGORIES:Seminars
CREATED:20170410T154911
SUMMARY:Luigi Guiso - EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Heterogeneity and Persistence in Returns to Wealth \nAbstract:\nHeterogenei
 ty, persistence, and correlation with wealth of individuals’ returns to sav
 ings are key to explain wealth concentration at the top. We provide the fir
 st systematic analysis of the properties of individual returns to wealth us
 ing twenty years of population data for Norway. The data consist of informa
 tion on income from capital and asset values from administrative tax record
 s. We establish a number of novel results. First, in a given cross section 
 individuals earn markedly different returns on their assets, with a range o
 f over 500 basis points between the 10th and the 90th percentile. Second, h
 eterogeneity in returns does not arise because of differences in how people
  allocate their wealth between safe and risky assets. Indeed, returns are h
 eterogeneous even within asset classes. Third, returns are positively corre
 lated with wealth. Fourth, individual returns have a persistent component t
 hat explains almost 20% of the variation. Fifth, permanent differences in i
 ndividual returns reflect differences in initial wealth, level and type of 
 education, as well as access to private equity investment. Sixth, the fixed
  component of the return to wealth is also (mildly) correlated across gener
 ations. Finally, there is assortative mating in returns. We discuss the imp
 lications of these findings for the debate about the drivers of wealth conc
 entration, its measurement, and the relation between income and wealth ineq
 uality.\n
DTSTAMP:20260405T155510Z
DTSTART:20160321T173000Z
DTEND:20160321T190000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR