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Incomplete Market Dynamics and Cross-Sectional Distributions
Toda, Alexis Akira - 2015
The size distributions of many economic variables seem to obey the double power law, that is, the power law holds in both the upper and the lower tails. I explain the emergence of the double power law - which has important economic, econometric, and social implications - using a tractable...
Persistent link: https://www.econbiz.de/10013035089
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Inequality-constrained monetary policy in a financialized economy
Fierro, Luca Eduardo; Giri, Federico; Russo, Alberto - 2023
We study how income inequality affects monetary policy through the inequality-household debt channel. We design a … rate and decreasing bankruptcies during the household's debt boom phase. When inequality meets financial liberalization, a … that inequality may constrain the central bank, even when it is not explicitly targeted. …
Persistent link: https://www.econbiz.de/10013548811
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Macro-Financial Trends in a Model with Concentrated Ownership of Capital
Gaudio, Francesco Saverio - 2021
This paper investigates the macroeconomic and asset pricing consequences of the upward trend in financial market participation observed in the U.S. since the late 1980s. In a limited participation two-agent Real Business Cycle model where stockholders feature external habit preferences, higher...
Persistent link: https://www.econbiz.de/10013211891
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Financial frictions : micro vs macro volatility
Lee, Seungcheol; Luetticke, Ralph; Ravn, Morten O. - 2021
households. Aggregate shocks through their impact on the spread give rise to consumption inequality. We show this mechanism to be …
Persistent link: https://www.econbiz.de/10012705511
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On the distributional effects of bank bailouts
Schroth, Josef - In: Review of economic dynamics 40 (2021), pp. 252-277
Persistent link: https://www.econbiz.de/10014527198
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Income inequality and asset prices under redistributive taxation
Pástor, Ľuboš; Veronesi, Pietro - In: Journal of monetary economics 81 (2016), pp. 1-20
Persistent link: https://www.econbiz.de/10011709384
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Market Power, Inequality, and Financial Instability
Cairo, Isabel; Sim, Jae - 2020
Over the last four decades, the U.S. economy has experienced a few secular trends, each of which may be considered undesirable in some aspects: declining labor share; rising profit share; rising income and wealth inequalities; and rising household sector leverage and associated financial...
Persistent link: https://www.econbiz.de/10014048783
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Financialisation and demand and growth regimes : a review of post-Keynesian contributions
Hein, Eckhard; Treeck, Till van - 2024
of financialisation in the context of the postKeynesian theory of the firm and explain the other channels from there. An …
Persistent link: https://www.econbiz.de/10014490639
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Optimal corrective policies under financial frictions
Schabert, Andreas - 2021
This paper examines credit market policies under pecuniary externalities induced by collateral constraints. Pigouvian taxes/subsidies on debt or savings are derived as Ramsey-optimal policies. Firstly, prudential (ex-ante) debt taxes can restore constrained efficiency. Secondly, when policies...
Persistent link: https://www.econbiz.de/10012594950
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Is the Financial Market Driving Income Distribution? – an Analysis of the Linkage between Income and Wealth in Europe
Kavonius, Ilja Kristian; Törmälehto, Veli-Matti - 2022
entering an era of increasing income inequality. In this article, the link between financial wealth and pre-tax household …
Persistent link: https://www.econbiz.de/10013403074