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Financial Development and Inequality in the Global Economy
von Ehrlich, Maximilian - 2016
We build a heterogeneous-firms model with firm-specific wages and credit frictions to study the role of financial development for inequality in the global economy. If there are many small firms, better access to external funds reduces wage inequality and unemployment. In contrast, if there are...
Persistent link: https://www.econbiz.de/10012996265
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Adverse Effects of Ultra-Loose Monetary Policies on Investment, Growth and Income Distribution
Hoffmann, Andreas - 2016
The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...
Persistent link: https://www.econbiz.de/10012996802
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Structural Reforms, Growth and Inequality : An Overview of Theory, Measurement and Evidence
Campos, Nauro - 2018
This paper provides a critical overview of the state of the art in the economics literature on structural reforms. It takes stock of theoretical developments, measurement efforts and of the econometric evidence. We start with a simple theoretical framework for the relationship between structural...
Persistent link: https://www.econbiz.de/10012927189
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Does Public Education Expansion Lead to Trickle-Down Growth?
Böhm, Sebastian - 2014
The paper revisits the debate on trickle-down growth in view of the widely discussed evolution of the earnings and income distribution that followed a massive public expansion of higher education. We propose a dynamic general equilibrium model to dynamically evaluate whether economic growth...
Persistent link: https://www.econbiz.de/10013044596
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Factor Income Distribution and Endogenous Economic Growth - When Piketty Meets Romer
Irmen, Andreas - 2017
We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …
Persistent link: https://www.econbiz.de/10012965706
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Discounting, Inequalities and Economic Convergence
Gollier, Christian - 2013
The aim of this paper is to examine the impact of inequalities and economic convergence on the efficient discount rate, in the absence of any risk-sharing scheme. We consider an economy in which the initial consumption level and the distribution of consumption growth are heterogeneous. The...
Persistent link: https://www.econbiz.de/10013094078
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The Gini Coefficient and Personal Inequality Measurement
Davies, James B. - 2017
The Gini coefficient is based on the sum of pairwise income differences. For an individual, differences vis-à-vis poorer people represent advantage, and those versus richer people deprivation. Any weighted average of deprivation and advantage generates a “Gini admissible” personal...
Persistent link: https://www.econbiz.de/10012968651
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Monetary Policy, Inequality and Political Instability
Duarte, Pablo - 2018
Based on the concepts of justice by Hayek, Rawls and Buchanan we argue that the growing political dissatisfaction in industrialized countries is rooted in the asymmetric pattern in monetary policies since the 1980s for two reasons. First, the structurally declining interest rates and the...
Persistent link: https://www.econbiz.de/10012930616
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Cross-Country Income Differences and Technology Diffusion in a Competitive World
Irmen, Andreas - 2012
-degenerate world income distribution. In accordance with the empirical literature, I find that country characteristics such as the … policies such as subsidies to innovation investments explain a country's position in the eventual world income distribution …
Persistent link: https://www.econbiz.de/10012754962
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Political Capitalism : The Interaction between Income Inequality, Economic Freedom and Democracy
Krieger, Tim - 2016
In this contribution we study the relationship between income inequality and economic freedom for a panel of 100 countries for the 1971-2010 period. From a panel causality study we find that income inequality has a negative causal effect on economic freedom, while causation does not run in the...
Persistent link: https://www.econbiz.de/10012999751