transfers over this period is taken into account. We show that the increase in capital's share of total income and the presence … of capital-entrepreneurial skill complementarity are two key features that help support the wages of ordinary workers as …

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 …

decreasing in the next decades, a secular stagnation. As physical capital will be relatively abundant, this decrease of output … overlapping generations model with risky and risk-free assets. Without adjustments of human capital, risky returns decrease until … losses for asset rich households. Per capita output is reduced by 6%. Endogenous human capital adjustments strongly mitigate …