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Top Incomes, Rising Inequality, and Welfare

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  • Kevin J. Lansing
  • Agnieszka Markiewicz

Abstract

This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. Under realistic assumptions, we find that all agents can benefit from the technology change, provided that the observed rise in redistributive transfers over this period is taken into account. We show that the increase in capital’s share of total income and the presence of capital-entrepreneurial skill complementarity are two key features that help support the wages of ordinary workers as the new technology diffuses.

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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3984.

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Date of creation: 2012
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Handle: RePEc:ces:ceswps:_3984

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Related research

Keywords: income inequality; skill-biased technological change; capital-skill complementarity; redistribution; welfare;

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Blog mentions

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  1. Top Incomes, Rising Inequality, and Welfare
    by Christian Zimmermann in NEP-DGE blog on 2013-09-11 12:02:58
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Cited by:
  1. Bullard, James B., 2014. "Income inequality and monetary policy: a framework with answers to three questions," Speech, Federal Reserve Bank of St. Louis 235, Federal Reserve Bank of St. Louis.

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