This paper estimates rates of return on wealth across gross wealth groups by matching individual-level survey data with macroeconomic return data for Germany. Using machine learning for more detailed financial asset categories, we find that the average nominal rate of return on gross assets for...

We develop and calibrate an analytical growth model in the neo-Kaleckian tradition with an endogenous wealth distribution and differential returns to wealth between workers and capitalists. We show that a long-run equilibrium allows for non-zero wealth owned by workers, even as the model...

If Piketty's main theoretical prediction (rg leads to rising wealth inequality) is taken to its radical conclusion, then a small elite will own all wealth if capitalism is left to its own devices. We formulate and calibrate a Post-Keynesian model with an endogenous distribution of wealth between...

Diese Studie entwickelt und kalibriert ein analytisches Wachstumsmodell in der neo-Kaleckianischen Tradition. Die Vermögensverteilung ist endogen und ArbeiterInnen und KapitalistInnen erhalten unterschiedliche Renditen. Wir zeigen, dass ArbeiterInnen im langfristigen Gleichgewicht Vermögen...