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Social mobility and endogenous cycles in redistribution

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  • Francesco Zollino

    ()
    (Banca d'Italia)

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    Abstract

    By allowing median voterÂ’s location and preferred policy to change over time, a variety of redistributive policies results in the long-run with no unique relationship to inequality. Single outcome depends on the interaction between the pure economic structure and policy action in determining wealth distribution over time. The standard positive correlation between redistribution and inequality is confirmed when the pattern of social mobility, potentially prevailing in a free market, proves robust to public action. Otherwise the non-linear relationship found in recent literature is confirmed. With balanced intensity of backward and upward mobility in free market, policy cycles endogenously arise, with inequality shrinking and enlarging periodically and counter-cyclically.

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    File URL: http://www.bancaditalia.it/pubblicazioni/econo/temidi/td04/td505_04/td505/tema_505.pdf
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    Bibliographic Info

    Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 505.

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    Date of creation: Jul 2004
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    Handle: RePEc:bdi:wptemi:td_505_04

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    Web page: http://www.bancaditalia.it
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    Related research

    Keywords: social mobility; political cycle; credit rationing; redistributive policy;

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    1. Guerino Ardizzi, 2003. "Cost efficiency in the retail payment networks: first evidence from the Italian credit card system," Temi di discussione (Economic working papers) 480, Bank of Italy, Economic Research and International Relations Area.
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    Cited by:
    1. Fabrizio Balassone & Maura Francese, 2004. "Cyclical asymmetry in fiscal policy, debt accumulation and the Treaty of Maastricht," Temi di discussione (Economic working papers) 531, Bank of Italy, Economic Research and International Relations Area.

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