NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Salvatore Morelli

Stone Center on Socio-Economic Inequality
The Graudate Center - CUNY
365 5th Avenue
New York, NY 10016
Tel: 3472813370

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: City University of New York

NBER Working Papers and Publications

July 2020Wealth Transfers and Net Wealth at Death: Evidence from the Italian Inheritance Tax Records 1995–2016
with Paolo Acciari
in Measuring and Understanding the Distribution and Intra/Inter-Generational Mobility of Income and Wealth, Raj Chetty, John N. Friedman, Janet C. Gornick, Barry Johnson, and Arthur Kennickell, editors
In this paper we describe a novel source of data on the full record of inheritance tax files in Italy, covering up to 63% of total deceased. The work documents a substantial rise in the share of inheritance and gifts as a share of total national income, from 8.4% in 1995 to 15.1% in 2016. Consistently with the substantial and increasing role of total personal net wealth in the economy, the weight of inheritance and gifts in Italy appears relatively high by international standards. Over the same period, total wealth left at death has also become increasingly concentrated.The millionaire estates were worth 14% of total estate in the mid-1990s and almost 25% in 2016. This paper also documents that revenues collected from the inheritance tax experienced a threefold decline from 0.15% to 0.05% ...
On the Distribution of Estates and the Distribution of Wealth: Evidence from the Dead
with Yonatan Berman
in Measuring and Understanding the Distribution and Intra/Inter-Generational Mobility of Income and Wealth, Raj Chetty, John N. Friedman, Janet C. Gornick, Barry Johnson, and Arthur Kennickell, editors
Detailed information about the distribution of the estates left at death has commonly served for the estimation of wealth distribution among the living via the mortality multiplier method. The application of detailed mortality rates by demographics and other determinants of mortality is crucial for obtaining an unbiased representation of the wealth distribution of the living. Yet, in this paper we suggest that a simplified mortality multiplier method, derived using average mortality rates and aggregate tabulations by estate size, may be sufficient to derive compelling estimates of wealth concentration. We show that the application of homogeneous multipliers is equivalent to estimate the distribution of estates. The latter also appears sufficiently close in level and trend to the wealth dis...
 
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