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Will wealth become more concentrated in Europe? Evidence from a calibrated Post-Keynesian model
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.
Forschungsbereich:Makroökonomie und europäische Wirtschaftspolitik