Tippet, Benjamin ORCID: https://orcid.org/0000-0003-4704-5735, Onaran, Özlem ORCID: https://orcid.org/0000-0002-6345-9922 and Wildauer, Rafael ORCID: https://orcid.org/0000-0001-6395-6286 (2022) The effect of labour's bargaining power on wealth inequality in the UK, the USA, and France. The Review of Income and Wealth. ISSN 0034-6586 (Print), 1475-4991 (Online) (doi:10.1111/roiw.12626)

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Abstract

This paper analyses the determinants of wealth inequality, measured as the share of wealth owned by the top 1% wealthiest individuals. We find that labour’s bargaining power is a significant and important determinant of top wealth shares. Using a semi-structural vector autoregression (SVAR) model for the period 1970-2019, we estimate that shocks to labour’s bargaining power explain 32%, 8% and 32% of the variation around the long-term trend in wealth inequality in the UK, USA and France, respectively.

Item Type:	Article
Uncontrolled Keywords:	wealth inequality; income inequality; labour’s bargaining power; technological change; globalisation
Subjects:	H Social Sciences > HC Economic History and Conditions J Political Science > JK Political institutions (United States) J Political Science > JN Political institutions (Europe)
Faculty / School / Research Centre / Research Group:	Faculty of Business Faculty of Business > Department of Accounting & Finance Faculty of Business > Department of International Business & Economics Greenwich Business School > Political Economy, Governance, Finance and Accountability (PEGFA) > Greenwich Political Economy Research Centre (GPERC) Journal of Economic Literature Classification > Political Economy, Governance, Finance and Accountability (PEGFA) > Greenwich Political Economy Research Centre (GPERC) Journal of Economic Literature Classification > Greenwich Political Economy Research Centre (GPERC) Greenwich Business School > Political Economy, Governance, Finance and Accountability (PEGFA) Journal of Economic Literature Classification > Political Economy, Governance, Finance and Accountability (PEGFA)
Last Modified:	02 Dec 2024 16:09
URI:	https://gala.gre.ac.uk/id/eprint/37803

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