کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
965767 1479226 2015 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Endogenous growth and wealth inequality under incomplete markets and idiosyncratic risk
ترجمه فارسی عنوان
رشد نابرابری ثروت و ثروت در بازارهای ناقص و خطر فردی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper describes the equilibrium properties and dynamics of a model which combines the key features of the standard incomplete market model (Aiyagari, 1994) with a standard endogenous growth mechanism to gain a deeper understanding of the feedback effects between growth and wealth inequality in the presence of credit frictions and idiosyncratic risk. We characterize growth equilibria and find that a balanced growth path not necessarily exists if households are subject to ad hoc borrowing constraints. Growth, inequality, and risk are positively related in our model, but we also identify a hump-shaped relationship between welfare and risk, indicating a tradeoff relationship between risk-pooling and growth in the determination of welfare. The growth rate responds to changes in the wealth distribution and displays transitional dynamics towards the balanced growth path.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 45, September 2015, Pages 300-317
نویسندگان
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