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Essays on Wealth Inequality and Social Mobility.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Wealth Inequality and Social Mobility./
Author:	Luo, Mi.
Description:	1 online resource (194 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
Contained By:	Dissertation Abstracts International78-12A(E).
Subject:	Economics. -
Online resource:	click for full text (PQDT)
ISBN:	9780355128772

Essays on Wealth Inequality and Social Mobility.
Luo, Mi.

Essays on Wealth Inequality and Social Mobility. - 1 online resource (194 pages)

Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

The thesis consists of three separate chapters.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355128772Subjects--Topical Terms:

555568
Economics.
Index Terms--Genre/Form:

554714
Electronic books.

Essays on Wealth Inequality and Social Mobility.
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100 1 $a Luo, Mi. $3 1183176
245 1 0 $a Essays on Wealth Inequality and Social Mobility.
264 0 $c 2017
300 $a 1 online resource (194 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
500 $a Adviser: Andrew Caplin.
502 $a Thesis (Ph.D.) $c New York University $d 2017.
504 $a Includes bibliographical references
520 $a The thesis consists of three separate chapters.
520 $a In the first chapter, I document that intergenerational wealth transmission occurs not only at the end of life (bequests) but also throughout the life cycle (inter-vivos transfers). I find that bequests are largely accidental, and inter-vivos transfers are intentional and negatively correlated with the recipient's current income. This paper builds and estimates a general-equilibrium lifecycle model of intergenerational wealth transfers, where parents potentially value inter-vivos transfers differently from bequests. The model renders a response in inter-vivos transfers to estate tax changes close to the data. Under the current U.S. tax codes, increasing the estate tax does not necessarily reduce top wealth inequality. Instead, it could potentially increase inequality with a sufficiently strong response in inter-vivos transfers. Such a response is partly caused by differential tax treatment between inter-vivos transfers and bequests, and partly amplified by the wealthier people responding more due to the preference curvature for both transfers.
520 $a In the second chapter, we attempt to quantitatively identify the factors that drive wealth dynamics in the U.S. and are consistent with its observed skewed cross-sectional distribution and social mobility. We concentrate on three critical factors: a skewed and persistent distribution of earnings, differential saving and bequest rates across wealth levels, and capital income risk. All of these factors are necessary for matching both distribution and mobility, with a distinct role in inducing wealth accumulation near the borrowing constraints, contributing to the thick top tail of wealth, and affecting upward and/or downward social mobility.
520 $a In the last chapter, we use rich restricted-use longitudinal data on a representative sample of college students to answer how student debt affects the labor market decisions of graduates in two steps. First, exploiting variation in college-level financial aid policies we estimate that higher student debt causes individuals to take jobs with (i) higher wages, and (ii) lower job satisfaction. Second, we use our data to estimate a model of job choice with on-the-job search, student debt, liquid assets and borrowing constraints. In our estimated model high satisfaction jobs are valued at a 2-6 percent lifetime consumption premium over low satisfaction position. We show in policy experiments that a transition from fixed- to income-based repayment policies is preferred by 89 percent of students, and improves average welfare by 2 percent. A third of the welfare gains stem from students accepting more satisfying jobs absent the pressure of large initial repayments. This trade-off is large enough that computing welfare using only wages leads to a mistaken inference that students prefer the baseline repayment scheme.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economics. $3 555568
650 4 $a Sociology. $3 551705
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
690 $a 0626
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a New York University. $b Economics. $3 1179154
773 0 $t Dissertation Abstracts International $g 78-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10261840 $z click for full text (PQDT)