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
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کلمات کلیدی
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
Journal: Journal of Macroeconomics - Volume 45, September 2015, Pages 300-317
نویسندگان
Christiane Clemens, Maik Heinemann,