演講者簡介 : Shenghao Zhu received his Ph.D. in Economics from New York University in 2010. He is currently serving as Assistant Professor of Economics at National University of Singapore. His research field is in macroeconomics and financial economics.
演講摘要 : Bossmann et al. (2007) ("Bequests, taxation and the distribution of wealth in a general equilibrium model," Journal of Public Economics, 91, 1247-1271), find that estate taxes reduce wealth inequality in the long run. This result contrasts with the findings of previous literatures, such as Becker and Tomes (1979), Atkinson (1980), and Davies (1986), which show that estate taxes usually increase wealth inequality in the long run. We use the decomposition technique developed by Davies (1986) to reinvestigate the effects of estate taxes on wealth inequality in the model of Bossmann et al. (2007). We find that in terms of the lag structure effect, this model is in line with the previous literatures. The divergence happens in the "transfer effect" of redistribution. The result that estate taxes reduce wealth inequality in the long run, is due to two new features of the model. The "transfer effect" decreases wealth inequality because of the "joy-of-giving" bequest motives. And it dominates the lag structure effect. These findings help us to understand the effects of estate taxes and redistribution on wealth inequality.
