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Poverty trap models are dynamical systems with more than one attractor. Similar dynamical systems arise in optimal growth and macroeconomic models. These systems are often studied empirically by ad hoc methods relying on intuition from deterministic systems, such as looking for multiple peaks in...
Persistent link: https://www.econbiz.de/10012179189
Rising inequality in income, wealth and consumption has received a good deal of public attention in the past years. At the same time, also macroeconomists are more and more interested in inequality as they have expanded their models to incorporate heterogeneity in the household sector. We supply...
Persistent link: https://www.econbiz.de/10014205691
We analyze the evolution of aggregate household wealth, its composition, and top wealth shares since the mid-19th century for the Netherlands, a country which played a significant role in economic history. The main forces at play are the size and variation of colonial wealth up until WWII, and...
Persistent link: https://www.econbiz.de/10014235621
Most analysts of the modern Latin American economy hold to a pessimistic belief in historical persistence - they believe that Latin America has always had very high levels of inequality, suggesting it will be hard for modern social policy to create a more egalitarian society. This paper argues...
Persistent link: https://www.econbiz.de/10003841512
Most analysts of the modern Latin American economy hold to a pessimistic belief in historical persistence -- they believe that Latin America has always had very high levels of inequality, suggesting it will be hard for modern social policy to create a more egalitarian society. This paper argues...
Persistent link: https://www.econbiz.de/10011396463
The Cambridge UK vs USA capital theory debates of the 1960s showed that the workhorse mainstream growth model relies on unsustainable assumptions. Its standard interpretation is not consistent with the last four decades of data. Part of an estimated increase in the ratio of personal wealth to...
Persistent link: https://www.econbiz.de/10013000949
Many studies of wealth inequality make the ergodic hypothesis that rescaled wealth converges rapidly to a stationary distribution. Changes in distribution are expressed through changes in model parameters, reflecting shocks in economic conditions, with rapid equilibration thereafter. Here we...
Persistent link: https://www.econbiz.de/10012855436
What are the long-term economic effects of a more equal distribution of wealth? We exploit variation in historical inheritance rules for land in Germany. In some German areas, inherited land was to be shared or divided equally among children, while in others land was ruled to be indivisible....
Persistent link: https://www.econbiz.de/10012288516
This paper studies the estimation of wealth distribution using estates left at death. We establish formal conditions for adopting a simplied version of the classic estate multi- plier method, using only minimal information on estates and mortality. We empirically validate these conditions and...
Persistent link: https://www.econbiz.de/10015078156
In a context of high economic uncertainty, this paper aims to analyse the impacts of uncertainty on income and wealth inequality in the four largest economies of the euro area: Germany, France, Italy and Spain. This is the first study to evaluate this relationship in these countries and the...
Persistent link: https://www.econbiz.de/10013290239