variations in the income elasticity of demand across goods played an important role in initial approaches, recent models stress …

differential trends in labor and capital income shares across sectors in the U.S. and in a broad set of other industrialized … both the evolution of sectoral factor income shares and the shape of structural change. We evaluate the empirical … sectoral and aggregate factor income shares, but also for the shape of structural change. Differences in capital intensity and …

his lifetime income and the lifetime income of his reference group; hence the paper offers a permanent income version of … the Duesenberry's relative income hypothesis. Across households the saving ratio increases with income while aggregate … saving is independent of the income distribution. Positional concerns lead agents to over-consume, over-work and under …