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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Inequality and Aggregate Savings in the Neoclassical Growth Model |
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| Institution | University of Zurich |
| Series Name | Working paper series / Institute for Empirical Research in Economics |
| Number | No. 395 |
| ISSN | 1424-0459 |
| Date | 2008 |
| Abstract Text | Within the context of the neoclassical growth model I investigate the implicationsnof (initial) endowment inequality when the rich have a higher marginal savings rate than the poor. More unequal societies grow faster in the transition process, and therefore exhibit a higher speed of convergence. Furthermore, there is divergence in consumption and lifetime wealth if the rich exhibit a higher intertemporalnelasticity of substitution. Unlike the Solow-Stiglitz model, the steady state is always unique although the consumption function is concave. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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