Earnings Inequality and Other Determinants of Wealth Inequality
从理论和实证两方面研究劳动收入分布与财富分布的关系，发现劳动收入和预防性储蓄虽重要，但无法解释财富分布的厚尾现象，还需考虑财富回报的随机性、储蓄率和回报率随财富增加等因素。
We study the relation between the distribution of labor earnings and the distribution of wealth. We show, theoretically as well as empirically, that while labor earnings and precautionary savings are important determinants of wealth inequality factors, they cannot by themselves account for the thick tail of (the large top shares in) the observed distribution of wealth. Other determinants, like stochastic returns to wealth, as well as savings rates and rates of returns increasing in wealth, need to be accounted for.