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Optimal Cycles and Social Inequality: What Do We Learn from the Gini Index

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  • Stefano Bosi

    ()
    (EPEE, Université d’Evry)

  • Thomas Seegmuller

    ()
    (CNRS and EUREQua)

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    Abstract

    One of the plausible explanations for macroeconomic fluctuations relies on the occurrence of endogenous deterministic cycles. In the last three decades, most of the relevant literature has rested on the assumption of a representative agent but, recently, a few papers have investigated the role of consumers’ heterogeneity on endogenous fluctuations. Our article aims at taking a step forward in order to give a more suitable interpretation. To keep things as simple as possible, we introduce heterogeneous households in a two-sector optimal growth model and we study how wealth heterogeneity affects the occurrence of endogenous cycles. In contrast to previous results, we relate the existence of such cycles to the most commonly used inequality measure, the Gini index, and analyze the impact of consumers’ heterogeneity on this index.

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    File URL: http://epee.univ-evry.fr/RePEc/2005/05-24.pdf
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    Bibliographic Info

    Paper provided by Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne in its series Documents de recherche with number 05-24.

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    Length: 20 pages
    Date of creation: 2005
    Date of revision:
    Handle: RePEc:eve:wpaper:05-24

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    Related research

    Keywords: Endogenous cycles; two-sector models; heterogeneous agents; Gini index;

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    1. Parent, Antoine & Rault, Christophe, 2004. "The Influences Affecting French Assets Abroad Prior to 1914," The Journal of Economic History, Cambridge University Press, vol. 64(02), pages 328-362, June.
    2. Timothy J. Kehoe & David K. Levine & Paul Romer, 1990. "Determinacy of Equilibrium in Dynamic Models with Finitely Many Consumers," Levine's Working Paper Archive 165, David K. Levine.
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