The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...

In this paper we examine the role of intergenerational transfers in the wealth accumulation of Italian households. Received transfers represent an important share of the net wealth held by households. Direct estimates referring to 2002 range from 30 to 55 per cent, depending on the inclusion of...

The wealth distribution in the U.S. is more unequal, or skewed to the right, than either the income or earnings distribution, a fact current models of saving behavior have difficulty explaining. Using Max Weber's (1905) idea that individuals may have a `capitalist spirit', I construct and...

The hypothesis is that Pareto and Kaldor-Hicks Efficiency have an aspect of sustainability in relation to inequality. The analysis finds efficient situations reached increasing inequality as diminishing in the long term effective demand in a larger measure than counterbalancing increases thanks...

We introduce intergenerational transfers into a general equilihrium life-cycle model in order to explain observed levels of wealth heterogeneity. In our overlapping generations model, heterogenous agents face uncertain lifetime and leave both accidental and voluntary bequests to their cinldren....

This paper presents a dynamic competitive equilibrium model in which heterogeneity in time preferences alone can generate the observed patterns of wealth and income inequality in the United States. This model generalizes the standard deterministic neoclassical growth model by introducing (i) a...

We extend one of the main findings in Bossmann et al. (2007)("Bequests, taxation and the distribution of wealth in a general equilibrium model," Journal of Public Economics, 91, 1247-1271). Bequest motives per se reduce wealth inequality. We show that the result holds for a stronger criterion of...

We investigate economic inequalities of Japanese economy from 2004 to 2012 using the Keio household panel survey. We present cross-sectional dispersion earnings, consumption expenditure, and wealth inequalities from time-series and life cycle dimensions. Wage and hours inequalities, which are...

In this study, using Japanese household panel data, we analyze how well idiosyncratic income risks are shared by regions. We find that geographic mobility influences individual consumption growth rates, suggesting that complete asset markets fail to exist. We reject the full insurance hypothesis...

This paper examines the wealth of successive birth cohorts in the United States using data from the 1989-2001 Surveys of Consumer Finances. We find that older households (those aged 55-64, 65-74 or 75-84) in 2001 had more wealth than households of similar age in 1989, but that the same was not...