DYNAMIC STATUS EFFECTS, SAVINGS, AND INCOME INEQUALITY
提出地位偏好强度随社会平均财富增加而减弱（动态地位效应），该效应能解释储蓄率上升与资本回报下降并存的历史事实，并通过影响储蓄率动态加剧收入不平等，为各国收入不平等差异提供行为机制。
Abstract This article advances the hypothesis that the intensity of status preferences depends negatively on the average wealth of society (endogenous dynamic status effect), in accordance with empirical evidence. Our theory replicates the contradictory historical facts of an increasing saving rate along with declining returns to capital over time. By affecting the dynamics of the saving rate, the dynamic status effect raises inequality, thereby providing a behavioral mechanism for the observed diverse dynamics of income inequality across countries. In countries in which the dynamic status effect is strong (weak), inequality rises (declines) over time in response to a positive productivity shock.