@unpublished{Humeretal2016,
  title = {Bequests and the Accumulation of Wealth in the Eurozone},
  author = {Humer, Stefan and Moser, Mathias and Schnetzer, Matthias},
  year = {2016},
  url = {https://epub.wu.ac.at/4841/},
  abstract = {This paper empirically compares the contribution of the two major wealth accumulation factors \textendash{} earned income and inheritances \textendash{} to the net wealth position of households in the Eurozone. The elasticities of both wealth sources differ considerably across countries and are overly non-linear. Depending on the position in the wealth distribution, an increase of one percentile in the income distribution corresponds to 0.1-0.6 percentiles in the net wealth dis-tribution. We find substantially stronger effects for inheritances vis-\'a-vis income. In Greece, Portugal, and Austria, households have to climb around three percentiles in the income distri-bution to compensate a one percentile increase in the inheritance distribution. The findings clearly suggest that bequests play a stronger role in wealth accumulation than earned income.},
  keywords = {Cross-National Comparisons,Intergenerational Wealth,Wealth Taxation},
  note = {Unpublished manuscript}
}

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