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Distribution and growth in an economy with limited needs
Saint-Paul, Gilles - 2001
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...
Persistent link: https://www.econbiz.de/10011398011
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Cross-country income differences and technology diffusion in a competitive world
Irmen, Andreas - 2008
This paper develops a new open-economy endogenous growth model where technology diffusion allows for a stable and non-degenerate world income distribution. In accordance with the empirical literature, I find that country characteristics such as the social infrastructure, the degree of openness,...
Persistent link: https://www.econbiz.de/10003805991
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Factor income distribution and endogenous economic growth : when Piketty meets Romer
Irmen, Andreas; Tabaković, Amer - 2016
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/10011568791
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Income inequality, voting over the size of public consumption, and growth
Grossmann, Volker - 2002
According to a standard argument, higher income inequality fosters redistributive activities of the government in favor of the median income earner. This paper shows that if redistribution is achieved by a public provision of goods and services rather than by transfers, higher income inequality...
Persistent link: https://www.econbiz.de/10011409989
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Shocks, frictions, and inequality in US business cycles
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...
Persistent link: https://www.econbiz.de/10012162730
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Human capital formation, income inequality and growth
Viaene, Jean-Marie; Zilcha, Itzhak - 2001
The paper studies the determinants of income distribution and growth in an overlapping generations economy with heterogenous households. Our framework has the following main features: (1) heterogeneity of consumers with respect to wealth and parental human capital; (2) intergenerational...
Persistent link: https://www.econbiz.de/10011399283
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Perceptions about monetary policy
Bauer, Michael D.; Pflueger, Carolin E.; Sunderam, Adi - 2022
We estimate perceptions about the Fed's monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions is time-varying and cyclical: high during tightening episodes but low...
Persistent link: https://www.econbiz.de/10013475251
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Measuring market expectations
Baumeister, Christiane - 2021
applications where market expectations play a key role for evaluating economic models, guiding policy analysis, and deriving shock …
Persistent link: https://www.econbiz.de/10012622575
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The great divergence : a network approach
Lindner, Ines; Strulik, Holger - 2015
We present a multi-country theory of economic growth in which countries are connected by a network of mutual knowledge …
Persistent link: https://www.econbiz.de/10011397182
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Endogenous vs exogenous instability : an out-of-sample comparison
Delli Gatti, Domenico; Gusella, Filippo; Ricchiuti, Giorgio - 2024
Given the unobserved nature of expectations, this paper employs latent variable analysis to examine three financial instability models and assess their out-of-sample forecasting accuracy. We compare a benchmark linear random walk model, which implies exogenous instability phenomena, with a...
Persistent link: https://www.econbiz.de/10014521225