Detail práce

Wealth inequality in dynamic stochastic general equilibrium models

Autor: Mgr. Tomáš Troch
Rok: 2014 - letní
Vedoucí: PhDr. RNDr. Josef Stráský Ph.D.
Typ práce: Diplomová
Ekonomická teorie
Jazyk: Anglicky
Stránky: 88
Ocenění: Pochvala děkana Fakulty sociálních věd za vynikající výkon u státních zkoušek a za vynikající diplomovou práci.
Abstrakt: In my diploma thesis I propose a dynamic stochastic general equilibrium model to describe economic
inequality. The model combines two approach
es that were traditionally used to model inequality
first, it features two classes of agents that differ in their ownership of capital and second, each class
consists of
agents who are subject to uninsurable idiosyncratic shocks. This
ation allows the two classes to behave in a fundamentally different way while maintaining the
individual character of agents in the economy
a feature that has not been
before but
which adequately describes the empirical reality. I show that the
model with classical RBC structure
and a single wage underestimates the observed inequality. When the wage differential is introduced
through different taxation of the two classes, the model matches empirical inequality much better.
Further I argue that th
e government can significantly reduce inequality at a relatively small cost in
terms of output lost. Finally using Theil coefficient decomposition, I show how much of the total
inequality is attributable to between
class and within
class inequalities


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