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Aggregate Demand, Inequality and Instability

2016-12-30 Business & Economics
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Release : 2016-12-30
Genre : Business & Economics
Kind : eBook
Book Rating : 052/5 ( reviews)

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Book Synopsis Aggregate Demand, Inequality and Instability by : Piero Ferri

Download or read book Aggregate Demand, Inequality and Instability written by Piero Ferri. This book was released on 2016-12-30. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the relationships between aggregate demand, inequality and instability. It extends the traditional approach by introducing wealth and inequality into a dynamic macroeconomic model. Furthermore, it examines the role that debt and financial instability can play in turbulent times such as the Great Recession and its aftermath. Unlike Piketty, the author analyses the relationships between instability and inequality, and the feedbacks from the latter to the former, in a system approach where real and monetary factors interact to generate complex patterns.

Wealth Inequality and Aggregate Demand

2019
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Release : 2019
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Book Synopsis Wealth Inequality and Aggregate Demand by : Stefan Ederer

Download or read book Wealth Inequality and Aggregate Demand written by Stefan Ederer. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Demand Composition and Income Distribution

2014-12-15 Business & Economics
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Release : 2014-12-15
Genre : Business & Economics
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Book Rating : 88X/5 ( reviews)

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Book Synopsis Demand Composition and Income Distribution by : David Pothier

Download or read book Demand Composition and Income Distribution written by David Pothier. This book was released on 2014-12-15. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights how changes in the composition of demand affect income dispersion in the short run. We first document how the share of aggregate spending dedicated to labour-intensive goods and services shrinks (expands) during downturns (booms), and argue that this contributes to the observed pro-cyclicality of employment and output in labour-intensive industries. Using a two-sector general equilibrium model, we then assess how this demand composition channel influences the cyclical properties of the income distribution. Consistent with empirical evidence, we find income inequality to be countercyclical due to changes in the level of employment and (to a lesser extent) relative factor prices. The model also shows that wealth redistribution policies can potentially involve a trade-off between equality and output, depending on how they affect the composition of aggregate demand.

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

2012-08-01 Business & Economics
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Release : 2012-08-01
Genre : Business & Economics
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Book Rating : 493/5 ( reviews)

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Book Synopsis Innocent Bystanders? Monetary Policy and Inequality in the U.S. by : Mr.Olivier Coibion

Download or read book Innocent Bystanders? Monetary Policy and Inequality in the U.S. written by Mr.Olivier Coibion. This book was released on 2012-08-01. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.

Inequality and Aggregate Demand

2018
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Release : 2018
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Book Synopsis Inequality and Aggregate Demand by : Adrien Auclert

Download or read book Inequality and Aggregate Demand written by Adrien Auclert. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: We explore the transmission mechanism of income inequality to output. In the short run, higher inequality reduces output because marginal propensities to consume are negatively correlated with incomes, but this effect is quantitatively small in the data and in our model. In the long run, the output effects of income inequality are small if inequality is caused by rising dispersion in individual fixed effects, but can be large if it is the manifestation of higher individual income risk. We formalize the connection between partial and general equilibrium effects, and show that the two are closely related under standard assumptions about the behavior of monetary policy. Our economy features a depressed long-run real interest rate, allowing us to quantify the potential contribution of income inequality to secular stagnation.

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