Recent research has clearly shown that the inequality of labor earnings, by itself, is not enough to explain the inequality of wealth. Utilizing a series of remarkable administrative records on the population of Norway from 1995 to 2015, where individuals are subject to both income and wealth taxation, this research seeks to fill a gap in our knowledge by addressing both our theoretical understanding of how wealth is accumulated and our empirical understanding of the distribution of wealth across individuals and households.
Luigi Pistaferri is a Professor of Economics at Stanford University. He graduated summa cum Laude from Istituto Universitario Navale in Naples (Italy) in 1993, completed a Master in Economics at Bocconi University in Milan (Italy) in 1995, and a PhD in Economics at University College London in 1999. He is the Ralph Landau Senior Fellow at the Stanford Institute for Economic and Policy Research, and a Fellow of the Econometric Society, the National Bureau of Economic Research, the Center for Economics and Policy Research, and IZA. Since 2012 he has been one of the co-editors of the American Economic Review. His research is mainly on household choices: consumption, saving, portfolio allocation, labor supply, and time use.