Income Inequality and Economic Growth
构建分析框架研究收入不平等影响经济增长的渠道，发现收入不平等对GDP增长率有显著负效应，其中转移渠道最重要，人力资本渠道最不重要，但收入不平等对生产率增长率的直接效应占总效应的55%以上。
We develop an analytical framework to investigate some plausible channels that income inequality affects economic growth. Our empirical study concludes that income inequality has significant negative effect on the rate of GDP growth. Among the channels suggested by recent literature, we find that the most important one is the transfer channel while the least important one is the human capital channel. However, the direct impact of income inequality on the rate of productivity growth accounts for more than 55 percent of its overall total effect. This indicates that the effects of income inequality on economic growth are much more complicated than what we have perceived or modeled.