Download or read book Income and Wealth Heterogeneity in the Macroeconomy written by Per Krusell and published by . This book was released on 1995 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Income Distribution in Macroeconomic Models written by Giuseppe Bertola and published by Princeton University Press. This book was released on 2014-09-28 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.

Download or read book Heterogeneity and Persistence in Returns to Wealth written by Andreas Fagereng and published by International Monetary Fund. This book was released on 2018-07-27 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their financial assets (a standard deviation of 14%) and on their net worth (a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the return by 3 percentage points - and by 17 percentage points when the same exercise is performed for the return to net worth. Fourth, wealth returns exhibit substantial persistence over time. We argue that while this persistence partly reflects stable differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.

Download or read book Wealth in America written by Lisa A. Keister and published by Cambridge University Press. This book was released on 2000-06-19 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utilizing existing data and new research methods, Keister examines househould wealth distribution from 1962 to 1995.

Download or read book American Inequality written by Jeffrey G. Williamson and published by New York ; Toronto : Academic Press. This book was released on 1980 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph presenting a macroeconomic analysis of the relationship of economic development to wealth and income distribution inequality trends in the USA from the historical 1770s to the 1970s - rejects the notion that inequality was a necessary precondition of economic growth, and argues that complex interactions among such variables as technological change, labour supply and capital formation were sources of economic disparity. Bibliography pp. 335 to 349 and graphs.

Download or read book NBER Macroeconomics Annual 2017 written by Martin Eichenbaum and published by University of Chicago Press Journals. This book was released on 2018-05-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 32 of the NBER Macroeconomics Annual features six theoretical and empirical studies of important issues in contemporary macroeconomics, and a keynote address by former IMF chief economist Olivier Blanchard. In one study, SeHyoun Ahn, Greg Kaplan, Benjamin Moll, Thomas Winberry, and Christian Wolf examine the dynamics of consumption expenditures in non-representative-agent macroeconomic models. In another, John Cochrane asks which macro models most naturally explain the post-financial-crisis macroeconomic environment, which is characterized by the co-existence of low and nonvolatile inflation rates, near-zero short-term interest rates, and an explosion in monetary aggregates. Manuel Adelino, Antoinette Schoar, and Felipe Severino examine the causes of the lending boom that precipitated the recent U.S. financial crisis and Great Recession. Steven Durlauf and Ananth Seshadri investigate whether increases in income inequality cause lower levels of economic mobility and opportunity. Charles Manski explores the formation of expectations, considering the efficacy of directly measuring beliefs through surveys as an alternative to making the assumption of rational expectations. In the final research paper, Efraim Benmelech and Nittai Bergman analyze the sharp declines in debt issuance and the evaporation of market liquidity that coincide with most financial crises. Blanchard’s keynote address discusses which distortions are central to understanding short-run macroeconomic fluctuations.

Download or read book Inequality and Growth written by Francesco Grigoli and published by International Monetary Fund. This book was released on 2017-01-18 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The combination of stagnant growth and high levels of income inequality renewed the debate about whether a more even distribution of income can spur economic activity. This paper tests for cross-country convergence in income inequality and estimates its impact on economic growth with a heterogeneous panel structural vector autoregression model, which addresses some empirical challenges plaguing the literature. We find that income inequality is converging across countries, and that its impact on economic growth is heterogeneous. In particular, while the median response of real per capita GDP growth to shocks in income inequality is negative and significant, the dispersion around the estimates is large, with at least one fourth of the countries in the sample presenting a positive effect. The results suggest that the negative effect is mainly driven by the Middle East and Central Asia and the Western Hemisphere across regions, and emerging markets across income levels. Finally, we find evidence that improved institutional frameworks can reduce the negative effect of income inequality on growth.

Download or read book Back to Shared Prosperity The Growing Inequality of Wealth and Income in America written by Ray Marshall and published by Routledge. This book was released on 2015-05-20 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: To what extent are major social and political problems caused by basic income and unemployment trends? Is it possible to restore the kind of broadly shared prosperity the U.S. once experienced before the early 1970s? Some of the top economists of our time address these critical questions.

Download or read book Unequal We Stand written by Jonathan Heathcote and published by DIANE Publishing. This book was released on 2010-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors conducted a systematic empirical study of cross-sectional inequality in the U.S., integrating data from various surveys. The authors follow the mapping suggested by the household budget constraint from individual wages to individual earnings, to household earnings, to disposable income, and, ultimately, to consumption and wealth. They document a continuous and sizable increase in wage inequality over the sample period. Changes in the distribution of hours worked sharpen the rise in earnings inequality before 1982, but mitigate its increase thereafter. Taxes and transfers compress the level of income inequality, especially at the bottom of the distribution, but have little effect on the overall trend. Charts and tables. This is a print-on-demand publication; it is not an original.

Download or read book Testing Piketty s Hypothesis on the Drivers of Income Inequality written by Carlos Góes and published by International Monetary Fund. This book was released on 2016-08-19 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thomas Piketty's Capital in the Twenty-First Century puts forth a logically consistent explanation for changes in income and wealth inequality patterns. However, while rich in data, the book provides no formal empirical testing for its theoretical causal chain. In this paper, I build a set of Panel SVAR models to check if inequality and capital share in the national income move up as the r-g gap grows. Using a sample of 19 advanced economies spanning over 30 years, I find no empirical evidence that dynamics move in the way Piketty suggests. Results are robust to several alternative estimates of r-g.

Download or read book How Rich Is Too Rich written by Sidney Carroll and published by Praeger. This book was released on 1992-01-30 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: ... a new twist on the eternal question of inequitable income distribution, though they focus on wealth (accumulated income) rather than income. The authors document the dramatic disparities in the distributions of income and wealth and describe the problems these cause. Their solution, the `alternative distribution system, is quite simple: tax inheritance rather than estates. Individuals could inherit up to $1 million tax free. Each succeeding million would be taxed at progressively higher rates. This plan, they argue, would force an estate to be distributed among more people and would cuase beneficiaries to use inheritances more `vigorously and creatively.' The authors do an excellent job of making obscure economic data understandable. Booklist A physicist and an economist, writing for a broad audience and using real--not theoretical--data, answer the age-old question: How rich is too rich? In the process, they suggest some practical solutions to the problem of excessive wealth. They outline a way to deal with the too rich that will also create a healthier economy. Merging a hundred years of economic theory and research on wealth and income distributions with anecdotal evidence, Herbert Inhaber and Sidney Carroll create a framework with which to evaluate proposals to redistribute great wealth and income. The authors set forth an Alternative Distribution System, based on the fact that much of the income of the well-off, that upper 3 percent of the United States population with incomes exceeding $110,000 per year, is due to wealth. The ADS, an inheritance plan, would bring the distribution of the lower 97 percent and the upper 3 percent closer together. It would allow a partial correction of the disparity while adding to the total fairness of our society. This very readable text is complemented by a dozen tables that illustrate The Power of Compound Interest, United States Income Distribution, The Estimated Size of the Domestic Underground Economy, and more. Inhaber and Carroll first describe the existence of an extremely unequal distribution of income and wealth, with enormous resources held by a small percentage of Americans at the top. Other chapters detail the law of income distribution, explain the difference between wealth and income, and explain previous theories of income and wealth distributions. In addition to defining and describing the rich, the authors devote a chapter to how the rich avoid income tax. The volume concludes with an examination of the Alternative Distribution System and how income would be altered by it. How Rich Is Too Rich? will enable the informed general reader to assess policies on wealth and income distribution that have been the subject of Congressional budget debates and best-selling books.

Download or read book International Perspectives on Household Wealth written by Edward N. Wolff and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: Editor Wolff is a leading authority on income, wealth, and inequality in the US, and contributing authors are well-respected experts in their field. Overall, the research is high quality, and most papers include a substantial list of references. A plethora of data is considered, and much statistical evidence is presented. . . . A useful contribution to the literature on income distribution and wealth inequality. Recommended. E. Kacapyr, Choice The contributors to this comprehensive book compile and analyse the latest data available on household wealth using, as case studies, the United States, Canada, Germany, Italy, Sweden, and Finland during the 1990s and into the twenty-first century. The authors show that in the US, trends are highlighted in terms of wealth holdings, among the low-income population, along with changes in wealth polarization, racial differences in wealth holdings, and the dynamics of portfolio choices. The consensus between the authors is that wealth inequality has generally risen among these OECD countries since the early 1980s, although Germany stands out as an exception. In the case of the US, it is also noted that wealth holdings have generally failed to improve among low-income families and that the racial wealth gap widened during the late 1980s. International Perspectives on Household Wealth also contains new results on a number of topics, including measures and changes of wealth polarization in the US, measurement and changes of portfolio span in the US, asset holdings of low-income households in the US, and the effects of parental resources on asset holdings in Chile. Academic, government, and public policy economists in OECD countries, as well as those in so-called middle-income countries around the world, will find much to engage them within this book. It will also appeal to academics and researchers of international and welfare economics and other social scientists interested in the issue of inequality.

Download or read book The Economics of Inequality written by Anthony Barnes Atkinson and published by Oxford [Oxfordshire] : Clarendon Press ; New York : Oxford University Press. This book was released on 1983 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a substantially rewritten edition of an acclaimed examination of income and wealth distribution. Atkinson explains, through economic analysis, the observed differences in income and wealth and considers the impact of government measures, particularly taxation, on income and wealth redistribution.

Download or read book Wealth Income Inequalities and Demography written by Luigi Paganetto and published by Springer. This book was released on 2014-09-16 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, leading experts take a long-term view of the trends and policies of most relevance in achieving the structural readjustment required by the current crisis, which for too long has been viewed merely as an economic recession. A wide variety of issues are addressed, including the implications of the massive movement of wealth from advanced countries to emerging ones and the increasing income inequality evident within many countries. Prospects for growth toward the mid-century and beyond are discussed, with consideration of lessons from the past and the impact of various constraints, including corruption. The policies and reforms required to restore economic dynamism within the EU and more generally, to foster the “Good Economy” are discussed, recognizing the need for measures to promote innovation, entrepreneurship, well-being and high levels of environmental performance. The book comprises a selection of contributions presented at the XXV Villa Mondragone International Economic Seminar. For the past quarter of a century, this seminar has brought together leading experts to engage in debates on pressing economic questions. This book, based on the most recent gathering, will be of interest to all who are concerned about the challenges to growth, well-being and social inclusion that will have to be confronted in the coming decades.

Download or read book Income and Wealth Distributions in a Population of Heterogeneous Agents written by Pietro Mulière and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a simple framework to characterize the distribution of income and wealth in a real business cycle model. Agents are of two types depending on the human factor of production they own and they are located in separated markets, cities. In each city the two types of agent match to produce a composite factor, human service. We show that if the population is an exchangeable sequence of agents' types generated according to a Pòlya urn then (i) the share of agents' type follows a Beta distribution and (ii) the functional form of the matching function belongs to the family of the constant elasticity of substitution, with agent shares that depend on the composition of the population. We nest this structure into a standard Bewley economy, in which the aggregate supply of human service is combined with physical capital to produce the homogeneous output. Given the results (i)-(ii) we perform the exact aggregation of income, consumption and asset holding across agents, leading to the solution of the real business cycle model with heterogeneous agents. Our framework predicts that the theoretical distributions of income and wealth are known real valued transformations of a Beta distribution. This result provides a simple way to characterize the equilibrium of macroeconomic models with heterogeneous agents.

Download or read book A Theory of Wealth Distribution and Accumulation written by Mauro Baranzini and published by . This book was released on 1991 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Recursive Macroeconomic Theory written by Lars Ljungqvist and published by MIT Press. This book was released on 2004 with total page 1120 pages. Available in PDF, EPUB and Kindle. Book excerpt: A significant new edition of a text that offers both tools and sample applications; extensive revisions and seven new chapters improve and expand upon the original treatment.