Data show that an increase in the Gini coefficient is associated with a falling bottom pB% income share and an increasing top pT% income share where, e.g. pB = 40 and pT = 1. This relationship, which we call the X inequality relationship, is pervasive in the sense that it is observed in many...

Kahle and Stulz (2021) find that inflation-adjusted corporate payouts (dividends and repurchases) in the US are three times larger over the period 2000–2019 (post-2000) compared to the 1971–1999 period (pre-2000), and that the growth in the payouts comes from repurchases instead of...

This paper studies how windfalls from agriculture influence demand for electrification in a developing country. Leveraging two decades of administrative data on the universe of electricity grid customers in Rwanda, and plausibly exogenous variations in international coffee prices, we document...