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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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Abstract
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 |
| Subjects: | B- ECONOMIE ET FINANCE |
| Divisions: | TSE-R (Toulouse) |
| Institution: | Université Toulouse 1 Capitole |
| Site: | UT1 |
| Date Deposited: | 21 Sep 2015 13:08 |
| Last Modified: | 18 Apr 2024 11:52 |
| OAI Identifier: | oai:tse-fr.eu:29265 |
| URI: | https://publications.ut-capitole.fr/id/eprint/16884 |
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