Will wealth become more concentrated in Europe?

Stefan Ederer and Miriam Rehm

No 13-2017, FMM Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute

Abstract: 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.

Pages: 16 pages
Date: 2017
New Economics Papers: this item is included in nep-hme and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:imk:fmmpap:13-2017

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