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The dynamics of capital accumulation in the US: Simulations after Piketty

De Donder, Philippe and Roemer, John E. (2015) The dynamics of capital accumulation in the US: Simulations after Piketty. TSE Working Paper, n. 15-568, Toulouse

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We calibrate a sequence of four nested models to study the dynamics of wealth accumulation. Individuals maximize a utility function whose arguments are consumption and investment. They desire to accumulate wealth for its own sake – this is not a life-cycle model. A competitive firm produces a single good from labor and capital; the rate of return to capital and the wage rate are market-clearing. The second model introduces political lobbying by the wealthy, whose purpose is to reduce the tax rate on capital income. The third model introduces differential rates of return to capitals of different sizes. The fourth model introduces inheritance and intergenerational mobility.

Item Type: Monograph (Working Paper)
Language: English
Date: 16 April 2015
Place of Publication: Toulouse
Uncontrolled Keywords: Piketty, dynamics of wealth accumulation, intergenerational mobility, Kantian equilibrium
JEL Classification: D31 - Personal Income, Wealth, and Their Distributions
D58 - Computable and Other Applied General Equilibrium Models
E37 - Forecasting and Simulation
Divisions: TSE-R (Toulouse)
Institution: Université Toulouse 1 Capitole
Site: UT1
Date Deposited: 21 Sep 2015 13:08
Last Modified: 02 Apr 2021 15:49
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