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1
Response of (Share of Top 1%) Response of (Share of Top 1%)
to a (r - g) shock to a (r - g) shock
0.05
0.4
0
0.2
-0.05
0 -0.1
-0.15
-0.2
-0.2
Interquartile range
-0.4 -0.25
Median
-0.3 Average
-0.6
-0.35
-0.8 -0.4
0 1 2 3 4 5 6 7 8 9 10 0 1 2 3 4 5 6 7 8 9 10
Years after shock Years after shock