Last Thursday, June 9, the master students of the seminar Financial Economics taught by Prof. dr. Eijffinger joined the Frankfurt Excursion organized by Asset | Economics. This year I, Rick Strengnaerts as treasurer of Asset | Economics, had the great pleasure of coordinating this trip and organizing it in cooperation with Prof. dr. Eijffinger. The yearly excursion to the European Central Bank and, as new addition this Year, Deutsche Bundesbank is only eligible for students taking part in the seminar Financial Economics. Every year it is a greatly appreciated trip and good addition to the course.
In 2012 the US top one percentile gross income accounted for 19.3% of the total gross income. If you look further into the 0.1 percentile gross income you see that this accounts for an astonishing 8.8% of total income showing great income inequality. According to Atkinson, Piketty & Saez (2009) the top income shares have been increasing in the last 3 decades, not only for The United States but for most English speaking countries, as well as India and China. This persistence of economic inequality is evident and the top income elites have been a major obstacle. One possible explanation for this phenomenon, which has caught quite the attention in recent studies, could be intergenerational mobility.