Viegas, Miguel; Ribeiro, Ana Paula - In: SERIEs : Journal of the Spanish Economic Association 6 (2015) 4, pp. 479-496
effects on economic inequality and welfare. For that purpose we built a general equilibrium heterogeneous-agent model capable … wealth. The results show a quite impressive positive welfare gain despite significant transition costs. The simulations point … economy evolves to its final steady state equilibrium. Overall, the welfare gains are slightly biased towards wealthier …