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Social mobility and endogenous cycles in redistribution

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Author Info
Francesco Zollino () (Banca d'Italia)
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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Paper provided by Bank of Italy, Economic Research Department 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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Related research
Keywords: social mobility; political cycle; credit rationing; redistributive policy;

Find related papers by JEL classification:
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
I38 - Health, Education, and Welfare - - Welfare and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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  1. Guiso, Luigi & Parigi, Giuseppe, 1996. "Investment and Demand Uncertainty," CEPR Discussion Papers 1497, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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This page was last updated on 2009-12-4.

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