@unpublished{GomezGouin-Bonenfant2020,
  title = {A {{Q-theory}} of Inequality},
  author = {Gomez, Matthieu and {Gouin-Bonenfant}, {\'E}milien},
  year = {2020},
  url = {https://www.matthieugomez.com/},
  abstract = {We study the effect of interest rates on top wealth inequality. While lower rates decrease the average growth rate of existing fortunes, they increase the growth rate of new fortunes by making it cheaper to raise capital. We evaluate the relative importance of these two forces in a parsimonious model of wealth accumulation. Using a sufficient statistic approach, we show that the second effect dominates whenever individuals in the right tail of the wealth distribution are on average net equity issuers. Quantitatively, we find that the secular decline in real interest rates has been a major contributor to the rise of top wealth inequality in the U.S.},
  keywords = {Determinants of Wealth and Wealth Inequality},
  note = {Unpublished manuscript}
}

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