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Income and Wealth Concentration in Spain in a Historical and Fiscal Perspective

Alvaredo, Facundo; Saez, Emmanuel - C.E.P.R. Discussion Papers - 2006

This paper presents series on top shares of income and wealth in Spain over the 20th century using personal income and … wealth tax return statistics. Top income shares are highest in the 1930s, fall sharply during the first two decades of the … Franco dictatorship, and have increased slightly since the 1960s, and especially since the mid-1990s. The top 0.01% income …

Persistent link: https://www.econbiz.de/10005667012

Tractability in Incentive Contracting

Edmans, Alex; Gabaix, Xavier - C.E.P.R. Discussion Papers - 2009

This paper identifies a class of multiperiod agency problems in which the optimal contract is tractable (attainable in closed form). By modeling the noise before the action in each period, we force the contract to provide sufficient incentives state-by-state, rather than merely on average. This...

Persistent link: https://www.econbiz.de/10008509464

Recent Developments in Intergenerational Mobility

Black, Sandra; Devereux, Paul J. - C.E.P.R. Discussion Papers - 2010

Economists and social scientists have long been interested in intergenerational mobility, and documenting the persistence between parents and children’s outcomes has been an active area of research. However, since Gary Solon’s 1999 Chapter in the Handbook of Labor Economics, the literature...

Persistent link: https://www.econbiz.de/10008468661

Intermediation and Economic Integration

Antràs, Pol; Costinot, Arnaud - C.E.P.R. Discussion Papers - 2010

The theory of international trade has paid scant attention to market institutions. Neither neoclassical theory nor new trade models typically specify the process by which supply and demand meet. Yet in the real world, intermediaries play a central role in materializing the gains from exchange...

Persistent link: https://www.econbiz.de/10008468682

Dynamic Incentive Accounts

Edmans, Alex; Gabaix, Xavier; Sadzik, Tomasz; Sannikov, … - C.E.P.R. Discussion Papers - 2009

Contracts in a dynamic model must address a number of issues absent from static frameworks. Shocks to firm value may weaken the incentive effects of securities (e.g. cause options to fall out of the money), and the impact of some CEO actions may not be felt until far in the future. We derive the...

Persistent link: https://www.econbiz.de/10008477185

Intermediated Trade

Antràs, Pol; Costinot, Arnaud - C.E.P.R. Discussion Papers - 2010

This paper develops a simple model of international trade with intermediation. We consider an economy with two islands and two types of agents, farmers and traders. Farmers can produce two goods, but in order to sell these goods in centralized (Walrasian) markets, they need to be matched with a...

Persistent link: https://www.econbiz.de/10008530374

Risk and the CEO Market: Why Do Some Large Firms Hire Highly-Paid, Low-Talent CEOs?

Edmans, Alex; Gabaix, Xavier - C.E.P.R. Discussion Papers - 2010

This paper presents a market equilibrium model of CEO assignment, pay and incentives under risk aversion and heterogeneous moral hazard. Each of the three outcomes can be summarized by a single closed-form equation. In assignment models without moral hazard, allocation depends only on firm size...

Persistent link: https://www.econbiz.de/10008530386

Genes, Legitimacy and Hypergamy: Another Look at the Economics of Marriage

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2008

rank in the distribution of income. In the "Sex and the City" (SATC) type, women marry men who are better ranked than …

Persistent link: https://www.econbiz.de/10005123619

Happiness Inequality in the United States

Stevenson, Betsey; Wolfers, Justin - C.E.P.R. Discussion Papers - 2008

eroded, and the gender happiness gap has disappeared entirely. Paralleling changes in the income distribution, differences in … unwound. Juxtaposing these changes with large rises in income inequality suggests an important role for non-pecuniary factors …

Persistent link: https://www.econbiz.de/10005136431

The Distributional Consequences of Russia's Transition

Doyle, Christopher - C.E.P.R. Discussion Papers - 1993

the population have gained under the reforms, average real household per capita income has declined significantly with … households at the lower end of the income distribution suffering the greatest fall. Consequently there has been a substantial … rise in income inequality. Poverty has increased sharply with an estimated 18.5% of the population on incomes below the …

Persistent link: https://www.econbiz.de/10005498039