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Factor Income Distribution and Endogenous Economic Growth - When Piketty Meets Romer

Irmen, Andreas - 2017

We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …

Persistent link: https://www.econbiz.de/10012965706

Wealth Inequality and Externalities from Ex Ante Skill Heterogeneity

Angelopoulos, Konstantinos - 2017

This paper develops an incomplete markets model with state dependent (Markovian) stochastic earnings processes and ex ante skill heterogeneity corresponding to being university educated or not. Using the Wealth and Assets Survey for Great Britain, we find that the university educated group has...

Persistent link: https://www.econbiz.de/10012949580

Immigration and the Distribution of Incomes

Blau, Francine D. - 2014

focus primarily on factor prices. We first consider the economic theory of the impact of immigration on factor prices and …

Persistent link: https://www.econbiz.de/10013060443

The Distributional Consequences of Supply-Side Reforms in General Equilibrium

Angelopulos, Kōnstantinos - 2011

Using a heterogeneous agent model allowing for different degrees of complementarity between capital, skilled and unskilled labour, this paper evaluates supply-side reforms consistent with lower public debt-to-GDP in the long-run. We find that, relative to the other tax reforms, capital tax cuts...

Persistent link: https://www.econbiz.de/10013122638

Structural Reforms, Growth and Inequality : An Overview of Theory, Measurement and Evidence

Campos, Nauro - 2018

This paper provides a critical overview of the state of the art in the economics literature on structural reforms. It takes stock of theoretical developments, measurement efforts and of the econometric evidence. We start with a simple theoretical framework for the relationship between structural...

Persistent link: https://www.econbiz.de/10012927189

Discounting, Inequalities and Economic Convergence

Gollier, Christian - 2013

The aim of this paper is to examine the impact of inequalities and economic convergence on the efficient discount rate, in the absence of any risk-sharing scheme. We consider an economy in which the initial consumption level and the distribution of consumption growth are heterogeneous. The...

Persistent link: https://www.econbiz.de/10013094078

Does Public Education Expansion Lead to Trickle-Down Growth?

Böhm, Sebastian - 2014

The paper revisits the debate on trickle-down growth in view of the widely discussed evolution of the earnings and income distribution that followed a massive public expansion of higher education. We propose a dynamic general equilibrium model to dynamically evaluate whether economic growth...

Persistent link: https://www.econbiz.de/10013044596

Adverse Effects of Ultra-Loose Monetary Policies on Investment, Growth and Income Distribution

Hoffmann, Andreas - 2016

The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...

Persistent link: https://www.econbiz.de/10012996802

Wedges : Distribution, Distortions, and Market Integration

Bertola, Giuseppe - 2017

This paper proposes a stylized model of policy determination and imperfect international integration. A country-specific policy wedge corrects labor market imperfections and/or redistributes welfare across differently wealthy agents. Capital market integration with the rest of the world, indexed...

Persistent link: https://www.econbiz.de/10012947618

The Role of Trade and Offshoring in the Determination of Relative Wages and Child Labour

Cigno, Alessandro - 2017

Incorporating family decisions in a two-period.model of the world economy, we predict that trade liberalization raises the skill premium and reduces child labour in developing countries where the adult labour force is sufficiently well educated to attract production activities from abroad that...

Persistent link: https://www.econbiz.de/10012951557