Nominal Devaluations, Inflation, and Inequality
研究大贬值期间劳动收入分配的变化，发现各国在贬值后不平等程度下降，底层工人收入恢复快于顶层，低流动性和缺乏工会覆盖解释了高收入者的缓慢恢复。
We study the distribution of labor income during large devaluations. Across countries, inequality falls after large devaluations within the context of a surge in inflation and a fall and subsequent recovery of real labor income. To better understand inequality dynamics, we use a novel administrative dataset covering the 2002 Argentinean devaluation. We show that following a homogeneous fall in real labor income across workers, the bottom of the income distribution recovers faster than the top. Low labor mobility and lack of union coverage among high-income workers explain their slow recovery.