This paper considers the role of asset price bubbles (crashes) as an important determinant in seeking a further explanation for top income shares. The asset price bubbles caused at least in part by monetary policies, along with other determinants such as top tax rates and innovativeness are the important drivers to explain the surge in top income shares. The empirical results show that correlation between asset bubbles and top inequality is positive and significant. The regression coefficient of stock and housing market bubbles have a positive effect on top income shares, while the stock and housing market crashes fail to reduce the surge in top income shares. In sum, as the asset markets grow, the share of income going to those at the very top increases and the accumulation of income accelerates if the duration of bubbles expands. Concentration of income at the very top is much more important when capital gains are counted as income.

本文认为资产价格泡沫（崩溃）的作用是寻求进一步解释最高收入份额的重要决定因素。资产价格泡沫至少部分是由货币政策以及其他决定因素（例如最高税率和创新能力）引起的，是解释最高收入份额激增的重要驱动力。实证结果表明，资产泡沫与最高不平等之间的相关性是正向且显着的。股票和房地产市场泡沫的回归系数对收入最高的股票产生积极影响，而股票和住房市场的崩溃并不能减少收入最高的股票的激增。总而言之，随着资产市场的发展，进入泡沫最顶端者的收入份额将增加，并且如果泡沫持续时间扩大，收入的积累也会加速。