. Policymakers should consider broadening the ownership of capital and assisting those who are in genuine need, and reject proposals …

This paper shows that capital-skill complementarity provides a quantitatively significant rationale to tax capital for … redistributive governments. The optimal capital income tax rate is 60%, which is significantly higher than the optimal rate of 48% in … an identically calibrated model without capital-skill complementarity. The skill premium falls from 1.9 to 1.67 along the …

We revisit the capital-skill complementarity hypothesis and examine whether and under what conditions this mechanism … Violante (2000) show that a model with capital-skill complementarity mechanism matches the data well and can account for the … modify the model to allow for a flexible technology structure and show that the degree of capital-skill complementarity is …

identified - the power of capital over labour, the rise of 'oligarchs capitalism', the individualisation of economic conditions …

This paper is about “Capital in the Twenty-first Century” by Thomas Piketty. It identifies his central macroeconomic …

the relationship between the rate of return on capital and the economic growth rate; on the ties between rising income …

We introduce permanently-shifting income shares into a growth model with workers and capital owners. The model exactly … replicates the U.S. time paths of the top quintile income share, capital's share of income, and key macroeconomic variables from … partially offset by longer-term gains from higher transfers and more capital per worker. The baseline simulation delivers large …

We introduce permanently-shifting income shares into a growth model with workers and capital owners. The model exactly … replicates the U.S. time paths of the top quintile income share, capital's share of income, and key macroeconomic variables from … partially offset by longer-term gains from higher transfers and more capital per worker. The baseline simulation delivers large …

We introduce permanently-shifting income shares into a standard growth model with two types of agents. Capital owners … replicate the observed U.S. time paths of the top quintile income share, capital’s share of income, and key macroeconomic … variables over the period 1970 to 2013. For the baseline simulation, the welfare gain for capital owners is 3.7% of per …