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Inequality and aggregate savings in the neoclassical growth model
Full text linkWithin the context of the neoclassical growth model I investigate the implications of (initial) endowment inequality when the rich have a higher marginal savings rate than the poor. More unequal societies grow faster in the transition process, and therefore exhibit a higher speed of convergence. Furthermore, there is divergence in consumption and lifetime wealth if the rich exhibit a higher intertemporal elasticity of substitution. Unlike the Solow-Stiglitz model, the steady state is always unique although the consumption function is concave
A single investor of the current account surplus? Benefits and risks of a monopoly supplier of money in Switzerland
No full textStudying the currency competition episode in Switzerland of the 19th century, I argue that modern economies need a single supplier of money to pursue stabilization policy. In small open economies with integrated capital markets, the uncertainty about the real exchange poses new risks to monetary policy which were only little discussed in the previous literature
Buchbesprechung "Wirtschaftswunder Schweiz, Ursprung und Zukunft eines Erfolgsmodells" von AR. James Breiding und Gerhard Schwarz
No full textInequality and Aggregate Savings in the Neoclassical Growth Model
No full textWithin the context of the neoclassical growth model I investigate the implications of (initial) endowment inequality when the rich have a higher marginal savings rate than the poor. More unequal societies grow faster in the transition process, and therefore exhibit a higher speed of convergence. Furthermore, there is divergence in consumption and lifetime wealth if the rich exhibit a higher intertemporal elasticity of substitution. Unlike the Solow-Stiglitz model, the steady state is always unique although the consumption function is concave.concave consumption function; growth; income distribution; Marginal propensity to consume
Comment on "Knife edge? Switzerland as a base for multinational companies as relations worsen with the European Union"
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