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Stefan Ederer, Miriam Rehm, Will wealth become more concentrated in Europe? Evidence from a calibrated neo-Kaleckian model
PKSG Working Paper, 2017, (1717), https://www.postkeynesian.net/working-papers/1717/
We develop and calibrate an analytical growth model in the neo-Kaleckian tradition with an endogenous wealth distribution and differential returns to wealth between workers and capitalists. We show that a long-run equilibrium allows for non-zero wealth owned by workers, even as the model contains the "triumph of the rentier" predicted by Piketty's r > g as a special case. The model's calibration to ten European countries shows that the distribution of wealth is likely to become more unequal in all cases, barring political countermeasures.
Forschungsbereich:Makroökonomie und europäische Wirtschaftspolitik