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Third Quarter 2018

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Posted 2018-07-19

How Well Does Agency Theory Explain Executive Compensation?

by George-Levi Gayle, Chen Li, and Robert A. Miller

As the share of all income going to the top 1 percent has risen over the past four decades, so has the share of top incomes coming from labor income relative to capital income. The rise in labor income is mainly due to the explosion in executive compensation over the same period—mostly because of the increase in executives being paid with stocks, options, and bonuses.

Posted 2018-07-19

Top Earners: Cross-Country Facts

by Alejandro Badel, Moira Daly, Mark Huggett, and Martin Nybom

We provide a common set of life cycle earnings statistics based on administrative data from the United States, Canada, Denmark, and Sweden. We find three qualitative patterns, which are common across countries. 

Posted 2018-07-19

Institutional Barriers and World Income Disparities

by Ping Wang, Tsz-Nga Wong, and Chong K. Yip

Why have the income disparities between fast-growing economies and development laggards widened over the past five decades? How important is the role played by institutional barriers with relation to technology adoption? 

Posted 2018-07-19

Intergenerational Mobility and the Effects of Parental Education, Time Investment, and Income on Children’s Educational Attainment

by George-Levi Gayle, Limor Golan, and Mehmet A. Soytas

This article analyzes the mechanisms through which parents’ and children’s education are linked. It estimates the causal effect of parental education, parental time with children, and parental income during early childhood on the educational outcomes of children.

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