This paper investigates the role of family firms in the fall of the labor share and rise in corporate saving in Germany from 1993 to 2019. Combining a new Family Ownership and Governance (FOG) database with financial data, we analyze 929 publicly listed firms. Our findings show that firm-level...

We develop a three-country, stock-flow consistent macroeconomic model to study the effects of changes in both personal and functional income distribution on national current account balances. Each country has a household sector and a non-household (corporate) sector. The household sector is...

We analyse the link between income distribution and the current account through a descriptive analysis for the G7 countries and a series of panel estimations for the G7 countries and a larger sample of 20 countries for the period 1972-2007. We find that, firstly, rising personal inequality leads...

Household surveys like the German Socio-Economic Panel (SOEP) notoriously underestimate the degree of income and wealth inequality at the upper end of the distribution. A new approach developed by Thomas Piketty and co-authors therefore analyses tax return data in an attempt at better measuring...

Freiwillige Haushaltbefragungen wie das Sozioökonomische Panel (SOEP) unterschätzen tendenziell die Ungleichheit von Einkommen und Vermögen. Die von Thomas Piketty und anderen etablierte Forschungsrichtung wertet daher zur Bestimmung der Ungleichheit am oberen Ende der Verteilung amtliche...

We analyse the link between income distribution and the current account for the period 1972-2007. We find that rising (top-end) personal inequality leads to a decrease of the current account, ceteris paribus. This result is consistent with consumption externalities resulting from upward-looking...

Der Artikel diskutiert den Zusammenhang von zunehmender Einkommensungleichheit, Finanzialisierung und makroökonomischen Ungleichgewichten im Vorfeld der weltweiten Finanz- und Wirtschaftskrise ab 2007. Neben den Fallbeispielen USA und Deutschland werden Ergebnisse aus modellgestützten...

This article brings together the varieties of capitalism and the growth model approaches to comparative political economy to analyze the macroeconomic implications of changes in income distribution. In the decades before the financial crisis, coordinated market economies (CMEs) and liberal...

In this paper, we revisit the macroeconomic foundations and political economy of national growth models. We challenge the Kaleckian framework underpinning the emergent growth model literature in comparative political economy, which focuses primarily on the functional income distribution (wages...