Supplementary data for “Wealth Inequality and Endogenous Growth”

Name: Supplementary data for “Wealth Inequality and Endogenous Growth”
Published: 2024-01-11
License: This work is licensed under an Other license created by the PSID, namely that you agree not to redistribute data or other materials without the written agreement of ICPSR, unless: 1. You serve as the OFFICIAL or DESIGNATED REPRESENTATIVE at an ICPSR MEMBER INSTITUTION and are assisting AUTHORIZED USERS with obtaining data, or 2. You are collaborating with other AUTHORIZED USERS to analyze the data for research or instructional purposes.

Principal Investigator(s): View help for Principal Investigator(s) Byoungchan Lee, Hong Kong University of Science and Technology

Version: View help for Version V1

Name	File Type	Size	Last Modified
AttanasioPistaferri.csv	text/csv	4 MB	01/10/2024 11:05:PM
PSID1968ID.csv	text/csv	231.7 KB	01/10/2024 11:05:PM
PSIDC.csv	text/csv	938.7 KB	01/10/2024 11:05:PM
PSIDC2.csv	text/csv	840 KB	01/10/2024 11:05:PM
PSIDFamilySize.csv	text/csv	654.2 KB	01/10/2024 11:05:PM
PSIDHeadAge.csv	text/csv	756.9 KB	01/10/2024 11:05:PM
PSIDIncome.csv	text/csv	1 MB	01/10/2024 11:05:PM
PSIDInterviewID.csv	text/csv	953.4 KB	01/10/2024 11:05:PM
PSIDNumberOfKids.csv	text/csv	654.1 KB	01/10/2024 11:05:PM
PSIDWealthwHome.csv	text/csv	1 MB	01/10/2024 11:05:PM

Project Description

Summary: Advanced economies have been experiencing productivity slowdowns, rising inequality, and low consumption-to-wealth ratios in recent decades. Using an analytically tractable endogenous growth model with heterogeneous households, I emphasize a channel that connects inequality with productivity growth through aggregate consumption demand and the returns to R&D. Given realistic increases in wealth (inclusive of income) inequality, the calibrated model generates transition dynamics featuring productivity slowdowns, low aggregate demand, and low real interest rates, consistent with the empirical trends. The welfare cost of rising inequality is substantial and is nearly equally split between changes in the consumption distribution and slow growth.

Scope of Project

Subject Terms: wealth inequality; productivity slowdowns; aggregate demand; real interest rates; transition dynamics

Geographic Coverage: US

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Published Versions

V1 [2024-01-11]

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