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countries involved. We contrast bargaining and perfect competition. Under perfect capital markets, convergence of capital and … convergence of the income shares, with unionized countries showing a lower wage rate and consequent capital inflows. Therefore …
Persistent link: https://www.econbiz.de/10005090984
This paper explores the implications of economic and political inequality for the comovement of government purchases with macroeconomic fluctuations. We set up and compute a heterogeneous-agent neoclassical growth model, where households value government purchases which are financed by income...
Persistent link: https://www.econbiz.de/10010698881
This paper analyzes the quantitative role of idiosyncratic uncertainty in an economy in which rational agents vote on hypothetical social security reforms. We find that the role of a pay-as-you-go social security system as a partial insurance and redistribution device significantly reduces...
Persistent link: https://www.econbiz.de/10005090974