Essays on macroeconomics and inequality

Wacks, Johannes

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URN: urn:nbn:de:bsz:180-madoc-610866
Document Type: Doctoral dissertation
Year of publication: 2021
Place of publication: Mannheim
University: Universität Mannheim
Evaluator: Krebs, Tom
Date of oral examination: 13 December 2021
Publication language: English
Institution: School of Law and Economics > Makroökonomik u. Wirtschaftspolitik (Krebs 2006-)
License: CC BY 4.0 Creative Commons Attribution 4.0 International (CC BY 4.0)
Subject: 330 Economics
Keywords (English): macroeconomics , inequality , household heterogenity , labor economics , monetary economics , HANK
Abstract: In the three self-contained chapters of this dissertation I analyze how household heterogeneity, in particular inequality in income and wealth, affects macroeconomic dynamics. In Chapter 1, I show that the presence of a large share of households who are close to the borrowing constraint has slowed down the reallocation of the labor force from routine into non-routine jobs. Policies that alleviate the borrowing constraints of workers who switch occupations raise social welfare and output. In Chapter 2, I present empirical evidence that the transmission of monetary policy to the real economy is stronger when wealth inequality in the population is high than when it is low. In Chapter 3, I build a Heterogeneous Agent New Keynesian model featuring a group of households who are entrepreneurs. When the share of wealth in the economy that is held by entrepreneurs grows, the output response to a monetary policy shock is amplified.

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