Further publications of the WIFO research staff members
The extensive publication activities of the staff members mirror the close links with the international scientific community.
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.
Research group:Macroeconomics and European Economic Policy