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Inequality And Measured Growth.pdf

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Preview of Inequality and Measured Growth
🔗 Source: conference.nber.org
📊 Size: 848 KB
👤 Author: Ezra Oberfield
⬇️ Downloads: 231

Summary

Inequality in the US has risen and measured productivity growth has fallen over the past half-century, with prices of goods consumed by the poor rising faster than those consumed by the rich. This paper presents a model where these facts are consistent, but misleading about improvements in welfare. The model features non-homothetic preferences and productivity improvements driven by market size, leading to a balanced growth path where welfare improves at the same rate for all households, despite higher measured inflation for low-income households. Across different balanced growth paths with varying distributions of after-tax income, welfare improvements are the same, despite differences in measured output and productivity growth. The key driver of these results is that the value of cost reductions for a good is transitory, as households eventually shift to higher-ranked goods, making standard measures of inflation and productivity growth imperfect captures of welfare improvements.

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Description

Inequality in the US has risen and measured productivity growth has fallen over the past half-century, with prices of goods consumed by the poor rising faster...

Technical Information

  • File Format: PDF
  • File Size: 848 KB
  • Pages: 49
  • Language: EN
  • Author: Ezra Oberfield
  • Total Downloads: 231
  • Last Updated: 3 weeks ago

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