Income Distribution in Macroeconomic Models 1st Edition by Giuseppe Bertola, Reto Foellmi, Josef Zweimüller 9781400865093 1400865093

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Product details:

ISBN 10: 1400865093

ISBN 13: 9781400865093

Author: Giuseppe Bertola; Reto Foellmi; Josef Zweimüller

This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.

Table of contents:

PART ONE Aggregate Growth and Individual Savings

1. Production and Distribution of Income in a Market Economy

2. Exogenous Savings Propensities

3. Optimal Savings

4. Factor Income Distribution

5. Savings and Distribution with Finite Horizons

6. Factor Shares and Taxation in the OLG Model

PART TWO Financial Market Imperfections
7. Investment Opportunities and the Allocation of Savings
8. Risk and Financial Markets
9. Uninsurable Income Shocks

PART THREE Many Goods
10. Distribution and Market Power
11. Indivisible Goods and the Composition of Demand
12. Hierarchic Preferences
13. Dynamic Interactions of Demand and Supply

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Tags: Giuseppe Bertola, Reto Foellmi, Josef Zweimüller, Distribution