位于收入与财富顶端的富裕阶层通常掌握了大量的社会与经济资源，并获得更多经济增长红利，也因其收入与资产结构的特殊性，呈现出独特的流动性特征。本项目旨在从实证及理论上探索我国富裕阶层的代内流动性特征事实及其影响机制。首先，本项目将利用多个家庭抽样调查微观数据构造多套追踪面板数据，细致地刻画我国富裕阶层收入与财富流动性的独有特征。其次，将基于顶层收入与财富分布的帕累托统计特性，量化归因各个构成子项对各组富裕家庭流动性的贡献，并结合规范的计量分析方法与前沿的机器学习估计法检验影响富裕阶层收入与财富的流动性因素。第三，建立动态随机一般均衡（DSGE）模型并通过模拟仿真探索工商业经营风险和房产投资风险等因素影响富裕阶层流动性的具体路径与理论机制。最后，本项目将结合理论研究与实证证据评估多种能够潜在调节收入与财富流动性、缩小长期不平等的政策效果，寻找缩减贫富差距的长效机制和最优政策设计。

The top groups in the income and wealth distributions usually enjoy the greater social-economic power and capture greater dividends from economic growth. Their income and asset compositions are also significantly different from the rest of residents, and hence their mobility should also exhibit distinctive features. This project aims to investigate the characterized facts and influencing mechanisms of intra-generational income and wealth mobility for the top groups in China, both theoretically and empirically. Firstly, this project will employ a variety of household survey micro datasets to construct multiple rounds of panel data and to describe the unique characteristics of the income and wealth mobility of the top groups in China. Second, we will quantify the contributions of each component of income and wealth to the overall mobility of all sub-groups based on the Pareto property of top income and wealth distributions. In addition, we will examine the top-group mobility influencing factors via canonical econometric strategies and newly developed machine learning estimation strategies. Thirdly, we will construct the Dynamic Stochastic General Equilibrium (DSGE) models and conduct various simulations to explore the specific path and influencing mechanism of business operation risks and real estate investment risks. Finally, this project will combine theoretical research and empirical evidence to evaluate a variety of policies which could potentially affect income and wealth mobility, reduce long-term inequality, and find a long-lasting mechanism and optimal policy design to reduce income and wealth gaps.