Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/216599 
Year of Publication: 
2020
Series/Report no.: 
CESifo Working Paper No. 8203
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
This paper examines the distributional implications of inflation on top income shares in 12 advanced economies using data over the period 1920-2016. We use Local Projections to analyze how top income shares respond to an inflation shock, and panel regressions in which all variables are defined as five-year averages to examine the impact of inflation on the position of the top-one-percent in the long run. Our findings suggest that inflation reduces the share of national income held by the top one percent. Furthermore, we find that inflation shocks and long-run inflation have similar effects on top income shares.
Subjects: 
inflation
inequality
top income shares
income distribution
JEL: 
D63
E50
E52
Document Type: 
Working Paper
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