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over the period 1967-1996. We then use the estimated parameter values to decompose inequality in all variables of interest …
Persistent link: https://www.econbiz.de/10005114147
Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...
Persistent link: https://www.econbiz.de/10011276380
Intergenerational inequality and old-age poverty are salient issues in contemporary China. China's aging population …
Persistent link: https://www.econbiz.de/10011083803
Data on the life-cycle profiles of inequality in wages, earnings, hours worked and consumption contains precious … on the estimated age profiles for inequality and, thus, on the answers to those questions. It also shows that time … effects are required to account for the observed trends in inequality in thirty years of US data, whereas there is no evidence …
Persistent link: https://www.econbiz.de/10005662083
, greater wage inequality presents opportunities to increase aggregate productivity by concentrating market work among more …
Persistent link: https://www.econbiz.de/10005123728
This Paper explores the implications of the recent sharp rise in US wage inequality for welfare and the cross … than wage dispersion, due to a rise in the correlation between wages and hours worked. Over the same period, inequality in … hours worked remained roughly constant, and consumption inequality increased only modestly. Using data from the PSID, we …
Persistent link: https://www.econbiz.de/10005656181
This Paper provides an analytical characterization of Markov perfect equilibria in a model with repeated majority voting, where agents vote over income redistribution. The key feature of the theory is that the future constituency of redistributive policies depends positively on the current level...
Persistent link: https://www.econbiz.de/10005656349