assets for the capital gain (asset redistribution). The former increases total income and employment, while the latter alters … phenomenon of rising inequality and social harm over the course of a recession. As asset redistribution is predominantly a … privilege of the rich, an increase in inequality encourages more income redistribution, thus further exacerbating recessions …

matching frictions with redistributive productivity shocks – which account for fluctuations in the distribution of income …

. In particular, the existence of fluctuations is related to the degree of heterogeneity in labor and in capital endowments …

growth path as well as stable limit cycles via Hopf bifurcations. Both predictions are broadly in line with the empirical …

its definition, the properties of short-run fluctuations, medium-run swings, and long-run stochastic trends of the labor …