This paper discusses the emergence of endogenous redistributive cycles in a stochastic growth model with incomplete asset markets and heterogeneous agents who vote on the degree of progressivity in the tax-transfer scheme. The model draws from Benabou (in B.S. Bernanke and J.J. Rotemberg (eds),...

A two-sector incomplete markets model with heterogeneous agents can be used to study the distributional effects of the COVID-19 lockdown. While negative aggregate welfare effects of the lockdown are unavoidable, the size of aggregate welfare effects as well as the distribution of the welfare...

This paper examines the dynamics of wealth and income inequality along the business cycle and assesses how they are related to fluctuations in the functional income distribution. In a panel estimation for OECD countries between 1970 and 2016 we find that on average income inequality - measured...

Theorie des Allgemeinen Gleichgewichts -- Intertemporale Konsumnachfrage -- Das Ramsey–Modell -- Erweiterungen des Ramsey–Modells -- Wachstum -- Konjunkturelle Schwankungen -- Geld und Inflation im Ramsey–Modell -- Das Neukeynesianische Modell.