The (Un)Importance of Inheritance

• 成果类型: Article
• 署名作者: Black, Sandra E.; Devereux, Paul J.; Landaud, Fanny; Salvanes, Kjell G.
• 署名单位: Columbia University; Norwegian School of Economics (NHH); University College Dublin; Centre National de la Recherche Scientifique (CNRS); CY Cergy Paris Universite
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvae056
• 发表日期: 2025
• 页码: 1060-1094
• 关键词: wealth inequality evidence; intergenerational transfers; life-cycle; mobility

摘要

Transfers from parents-either in the form of gifts or inheritances-have received much attention as a source of inequality. This paper uses administrative data for the population of Norway to examine the share of the Total Inflows (defined as the capitalized sum of net labor income, government transfers, and gifts and inheritances received over the period) accounted for by capitalized gifts and inheritances. Consistent with other work, we find that there is much inequality in the receipt of gifts and inheritances. However, gifts and inheritances represent a small share of Total Inflows; this is true across the distribution of Total Inflows, as well as at all levels of net wealth. Gifts and inheritances are only an important source of income flows among those who have very wealthy parents. Additionally, gifts and inheritances have very little effect on the distribution of Total Inflows, suggesting that inheritance taxes may do little to mitigate inequality.