| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24287 |
| 来源ID | Working Paper 24287 |
| Kaldor and Piketty\u2019s Facts: The Rise of Monopoly Power in the United States | |
| Gauti B. Eggertsson; Jacob A. Robbins; Ella Getz Wold | |
| 发表日期 | 2018-02-12 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The macroeconomic data of the last thirty years has overturned at least two of Kaldor’s famous stylized growth facts: constant interest rates, and a constant labor share. At the same time, the research of Piketty and others has introduced several new and surprising facts: an increase in the financial wealth-to-output ratio in the US, an increase in measured Tobin’s Q, and a divergence between the marginal and the average return on capital. In this paper, we argue that these trends can be explained by an increase in market power and pure profits in the US economy, i.e., the emergence of a non-zero-rent economy, along with forces that have led to a persistent long term decline in real interest rates. We make three parsimonious modifications to the standard neoclassical model to explain these trends. Using recent estimates of the increase in markups and the decrease in real interest rates, we show that our model can quantitatively match these new stylized macroeconomic facts. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w24287 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581960 |
| 推荐引用方式 GB/T 7714 | Gauti B. Eggertsson,Jacob A. Robbins,Ella Getz Wold. Kaldor and Piketty\u2019s Facts: The Rise of Monopoly Power in the United States. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24287.pdf（782KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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