We analyze the distributional effects of rent-seeking via the financial sector in a model calibrated to US data. Rent-seeking implies a misallocation of resources that increases wealth inequality among non-rent-seekers and for the whole economy. A deterioration in institutional quality implying more rent-seeking leads to welfare losses for non-rent-seekers, especially for those with higher earnings and initial wealth, because they are most affected by the deterioration of the aggregate economy. On the other hand, welfare gains are larger for rent seekers with higher earnings and wealth, who have an increased resource extraction capacity.

中文翻译：

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寻租的分配后果

我们在根据美国数据校准的模型中分析了通过金融部门寻租的分布效应。寻租意味着资源分配不当，从而加剧了非寻租者和整个经济的财富不平等。制度质量的恶化意味着更多的寻租会导致非寻租者的福利损失，尤其是那些收入和初始财富较高的人，因为他们受总体经济恶化的影响最大。另一方面，收入和财富较高的寻租者的福利收益更大，他们具有更高的资源开采能力。