Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality
利用挪威全体人口的税收记录数据，检验了基于资本化方法估计财富持有量的稳健性，发现若回报率存在异质性且与财富水平相关，该方法可能误导对财富不平等水平和动态的判断。
Lacking a long time series on the assets of the very wealthy, Saez and Zucman (2015) use US tax records to obtain estimates of wealth holdings by capitalizing asset income from tax returns. They document marked upward trends in wealth concentration. We use data on tax returns and actual wealth holdings from tax records for the whole Norwegian population to test the robustness of the methodology. We document that measures of wealth based on the capitalization approach can lead to misleading conclusions about the level and the dynamics of wealth inequality if returns are heterogeneous and even moderately correlated with wealth.