EAGER: Finance Sector Income Distribution Dynamics: An Application and Test of Rent Theory

EAGER：金融部门收入分配动态：租金理论的应用和检验该项目使用当前人口调查和国民收入和产品账户数据，研究金融部门放松管制、2000 年代股市和房地产泡沫及其随后崩溃对就业和收入分配的影响。从理论上讲，该项目将金融部门的收入积累作为经济租金创造的例子，并将金融泡沫的崩溃作为潜在的租金破坏时刻。该项目根据经验考察了租金积累过程中的收入分配给业主和雇员的情况，以及按地区、职业、教育程度、性别和种族划分的雇员之间的分配情况。特别有趣的是记录哪些行业因金融崩溃而损失最大，以及是否有持续的证据表明危机后租金相对于其他经济部门的影响。该项目的智力贡献是收入租金和租金破坏的社会学理论，并记录了金融部门的长期收入趋势。租金理论通常被事后用来解释工资分配。当前的金融崩溃，伴随着与金融和房地产泡沫相关的收入增加以及证券行业的长期机构权力，允许对一组更加动态、情境化和精确的假设进行检验。该项目更广泛的影响将是为金融部门监管改革、税收和收入政策的政策讨论提供信息。

EAGER: Finance Sector Income Distribution Dynamics: An Application and Test of Rent TheoryUsing Current Population Survey and National Income and Product Accounts data this project examines the employment and income distribution consequences of finance sector deregulation, the stock market and real estate bubbles of the 2000s, and their subsequent collapse. Theoretically the project approaches the accumulation of income in the finance sector as an example of economic rent creation and the collapse of the financial bubble as a potential moment of rent destruction. Empirically the project examines the distribution of income from this rent accumulation process to owners and employees, and among employees by region, occupation, education, sex and race. Particularly interesting is documenting which industries lose the most as a result of the financial collapse and if there is continuing evidence of post-crisis rents relative to the rest of the economy. The intellectual contribution to the project is to sociological theory of income rents and rent destruction and to document long term income trends in the finance sector. Rent theory has typically been used post hoc to explain wage distributions. The current financial collapse, following increased incomes associated with both the financial and real estate bubbles and long term institutional power in the securities industry, allow a much more dynamic, contextualized and precise set of hypotheses to be examined. The broader impact of the project will be to inform policy discussions of finance sector regulatory reform, tax and income policy.