251,759 research outputs found
On the long-run evolution of inheritance: France 1820-2050
No full textThis paper attempts to document and account for the long run evolution of inheritance. We find that in a country like France the annual flow of inheritance was about 20%-25% of national income between 1820 and 1910, down to less than 5% in 1950, and back up to about 15% by 2010. A simple theoretical model of wealth accumulation, growth and inheritance can fully account for the observed U-shaped pattern and levels. Using this model, we find that under plausible assumptions the annual bequest flow might reach about 20%-25% of national income by 2050. This corresponds to a capitalized bequest share in total wealth accumulation well above 100%. Our findings illustrate the fact that when the growth rate g is small, and when the rate of return to private wealth r is permanently and substantially larger than the growth rate (say, r=4%-5% vs. g=1%-2%), which was the case in the 19th century and early 20th century and is likely to happen again in the 21st century, then past wealth and inheritance are bound to play a key role for aggregate wealth accumulation and the structure of lifetime inequality. Contrarily to a widely spread view, modern economic growth did not kill inheritance.inheritance ; bequest ; wealth ; capital
Nouveaux résultats d'un modèle du marché mondial du sucre
No full textDans un précédent numéro de Sucrerie Française, nous avons donné les résultats préliminaires d'un modèle du marché mondial du sucre [Peut-on libéraliser les marchés du sucre ? / J. M. Boussard et M. G. Piketty. - Sucrerie Française, juillet 2000]. Nous donnons ici des résultats plus complets qui portent, en particulier, sur le point de savoir "qui perd" et "qui gagne" au jeu de la libéralisation. Ces résultats sont issus du même modèle mais appliqué à 16 pays
Recent Trends in Top Income Shares in the USA: Reconciling Estimates from March CPS and IRS Tax Return Data
No full textAlthough the vast majority of US research on trends in the inequality of family income is based on public-use March Current Population Survey (CPS) data, a new wave of research based on Internal Revenue Service (IRS) tax return data reports substantially higher levels of inequality and faster growing trends. We show that these apparently inconsistent estimates can largely be reconciled once one uses internal CPS data (which better captures the top of the income distribution than public-use CPS data) and defines the income distribution in the same way. Using internal CPS data for 1967–2006, we closely match the IRS data-based estimates of top income shares reported by Piketty and Saez (2003), with the exception of the share of the top 1 percent of the distribution during 1993–2000. Our results imply that, if inequality has increased substantially since 1993, the increase is confined to income changes for those in the top 1 percent of the distribution.
Volatility and growth: credit constraints and productivity-enhancing investment
No full textWe examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less procyclical return but also a higher liquidity risk. Under complete financial markets, long-term investment is countercyclical, thus mitigating volatility. But when firms face tight credit constraints, long-term investment turns procyclical, thus amplifying volatility. Tighter credit therefore leads to both higher aggregate volatility and lower mean growth for a given total investment rate. We next confront the model with a panel of countries over the period 1960-2000 and find that a lower degree of financial development predicts a higher sensitivity of both the composition of investment and mean growth to exogenous shocks, as well as a stronger negative effect of volatility on growth
Testing Piketty\u27s Fundamental Laws of Capitalism and Forces of Convergence/Divergence
No full textIn his influential book Capital in 21st Century, Thomas Piketty gathered historical data to understand inequality between the top income group and the rest of the society across countries. This paper analyzes Piketty\u27s fundamental laws of capitalism, and his conclusions about different forces driving inequality. First, the paper traces the theoretical foundation of Piketty by summarizing the ideas of Malthus, Ricardo, Marx and Kuznets, analyzing their influence on Piketty, and Piketty\u27s responses on their main arguments. Next, the paper dissects and assesses Piketty\u27s fundamental formula of capital share α=r×β and long-run capital/income ratio β=s/g by conducting tests using available data. With regard to β, the capital/income ratio, the paper tests its correlation with the capitalistic intensity level of a subject country. In terms of r, the capital return, the paper uses independently collected empirical data to experiment on the capital return in the form of rent and the corporate returns on capital. Furthermore, the paper tests on the main conclusion of Piketty\u27s work, which claims the return on capital exceeding the growth rate (also stated as r>g) is the main force of divergence that perpetuates historical inequality. In the end, the paper also uses qualitative data to analyze the effect of the diffusion of knowledge as a major force of convergence in the development of inequality
Inequality in a Developing Economy; Paris and France 1807-1994 joint with Thomas Piketty and Gilles Postel-Vinay
No full textG. M. Hopkins
No full text[sound recording] / Brendan O'Grady. G. B. Shaw by Fran Frazer.; 1 sound cassette (60 minutes); Broadcast on CFCY Radio, Charlottetown, March 07 & 11, 1974.; G. B. ShawSource type: Electronic(1
Inequality, poverty, and the Kuznets curve in Spain : 1850-2000.
No full textEconomic rather than political forces appear to dominate inequality trends in Spain. Inequality evolution fits a Kuznets curve. Wars increased inequality but had non-permanent effects, while progressive taxation had no impact until 1980, at odds with Atkinson, Piketty, Saez and associates' findings. A substantial fall in absolute poverty resulted from growth but also from inequality reduction in the interwar period and the late 1950s. Rising inequality and extreme poverty are not found at the roots of the Spanish Civil War. Between the mid 1950s and 1974, inequality contraction and absolute poverty eradication represented a major departure from Latin America's performance while matching the OECD's.
Erratum to: Effect of moderate red wine intake on cardiac prognosis after recent acute myocardial infarction of subjects with Type 2 diabetes mellitus (Diabetic Medicine, (2006), 23, 9, (974-981), 10.1111/j.1464-5491.2006.01886.x)
No full textIn an article by Marfella et al, the author name C. Saron is incorrect and should be listed as C. Sardu. Therefore the correct author list is: R. Marfella, F. Cacciapuoti, M. Siniscalchi, F. C. Sasso, F. Marchese, F. Cinone, E. Musacchio, M. A. Marfella, L. Ruggiero, G. Chiorazzo, D. Liberti, G. Chiorazzo, G. F. Nicoletti, C. Sardu, F. D'Andrea, C. Ammendola, M. Verza and L. Coppola.In an article by Marfella et al, the author name C. Saron is incorrect and should be listed as C. Sardu. Therefore the correct author list is: R. Marfella, F. Cacciapuoti, M. Siniscalchi, F. C. Sasso, F. Marchese, F. Cinone, E. Musacchio, M. A. Marfella, L. Ruggiero, G. Chiorazzo, D. Liberti, G. Chiorazzo, G. F. Nicoletti, C. Sardu, F. D'Andrea, C. Ammendola, M. Verza and L. Coppola
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