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Stefan Ederer, Miriam Rehm
Will wealth become more concentrated in Europe? Evidence from a calibrated Post-Keynesian model
Cambridge Journal of Economics, 2020, (1), S.55-72, https://doi.org/10.1093/cje/bez014
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.
JEL-Codes:D31 E12 E21
Forschungsbereich:Makroökonomie und europäische Wirtschaftspolitik