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De Donder, Philippe
and Roemer, John E.
(2017)
The dynamics of capital accumulation in the US: Simulations after Piketty.
The Journal of Economic Inequality, 15 (2).
pp. 121-141.
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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: | Article |
|---|---|
| Language: | English |
| Date: | June 2017 |
| Refereed: | Yes |
| 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) |
| Site: | UT1 |
| Date Deposited: | 30 May 2017 12:54 |
| Last Modified: | 17 Jan 2025 10:04 |
| OAI Identifier: | oai:tse-fr.eu:31702 |
| URI: | https://publications.ut-capitole.fr/id/eprint/24056 |
Available Versions of this Item
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The dynamics of capital accumulation in the US: Simulations after Piketty. (deposited 21 Sep 2015 13:08)
- The dynamics of capital accumulation in the US: Simulations after Piketty. (deposited 30 May 2017 12:54) [Currently Displayed]
