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Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Working Paper No. 2013-12
Verlag: 
Brown University, Department of Economics, Providence, RI
Zusammenfassung: 
This paper analyzes the role of income distribution in macroeonomic analysis. The study demonstrates that the long-run equilibrium depends on the initial distribution of income. In accordance with empirical evidence concerning the correlation between income distribution and output, an economy that is characterized by a relatively equal distribution of wealth is likely to be wealthier in the long run. The study may, therefore, provide an additional explanation for the persistent differences in per-capita output across countries. Furthermore, the paper may shed light on cross-countries differences in macroeconomic adjustment to aggregate shocks.
Schlagwörter: 
Wealth distribution
income distribution
growth
capital market
imperfections
JEL: 
O33
I10
Dokumentart: 
Working Paper

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