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Macroeconomics and European Economic Policy

Books, journals and papers (851 hits)

We develop and calibrate an analytical growth model in the Post-Keynesian 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 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.
Vortrag, 17.12.2019
Organised by: Statistik Austria, Fachbeirat Unternehmenstatistik und Außenhandel
Vortrag, Wien, 10.12.2019
Organised by: Federation of Austrian Industry
Austrian Institute of Economic Research economist Margit Schratzenstaller's intervention focused on the bigger picture. "Future-proofing fiscal policies is key to implementing current action plans to address increasing inequality, migration, and global warning", she said. A reform of the rules is therefore imperative to close the 600 billion € investment gap that the EU currently faces. A reformed EU budget should finance expenditure that yields more returns when engaged at the EU level, like R&D, and should be financed with innovative taxes that cannot be properly implemented at national level, like a financial transaction tax and an airline travel tax. Finally, "we desperately need a harmonisation of tax policy" she said, "to shift the burden away from labour taxation towards profit taxation, through for instance a minimum corporate tax".
Vortrag, Tulln, 18.11.2019
Organised by: Unternehmensservice der Stadtgemeinde Tulln
Vortrag, Wien, 14.11.2019
Organised by: Economic Chamber Vienna, Landesgremium Wien des Maschinen- und Technologiehandels, Sparte Handel
Vortrag, Vienna, 13.11.2019
Organised by: Federal Ministry for Europe, Integration and Foreign Affairs
Vortrag, Pamplona, 25.10.2019
Organised by: University of Navarra
Vortrag, Stollhof an der Hohen Wand, 17.10.2019
The paper investigates how including the distribution of wealth changes the demand effects of redistributing functional income. It develops a model with an endogenous wealth distribution and shows that the endogenous rise in wealth inequality resulting from a redistribution towards profits weakens the growth effects of this redistribution. Consequently, a wage-led regime becomes more strongly wage-led. A profit-led regime on the other hand becomes less profit-led and there may even be a regime switch – in this case the short-run profit-led economy becomes wage-led in the long run due to the endogenous effects of wealth inequality. The paper thereby provides a possible explanation for the instability of demand regimes over time.
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