WEALTH INEQUALITY AND HOUSEHOLD STRUCTURE: U.S. VS. SPAIN
利用美国和西班牙的家庭数据，研究文化传承的家庭结构差异如何影响财富分布，发现家庭结构差异解释了大部分低端财富分布差异，但掩盖了高端分布的更大差异。
We study the link between culturally inherited household structure and wealth distribution in international comparisons using household data for the U.S. and Spain (the SCF and the EFF). We estimate counterfactual U.S. distributions relying on the Spanish household structure. Our results show that differences in household structure account for most of the differences in the lower part of the distribution between the two countries, but mask even larger differences in the upper part of the distribution. Imposing the Spanish household structure to the U.S. wealth distribution has little effect on the Gini coefficient and wealth top shares. However, this is the net result of reduced differences at the bottom and increased differences at the top. So there is distinct additional information in considering the whole distribution. Finally, we present results for the within-group differences between the two countries using quantile regressions and find a reversing pattern by age.