Macroeconomic Adjustment and Income Distribution
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Release | : 1989 |
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Release | : 1989 |
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Author | : François Bourguignon |
Publisher | : |
Total Pages | : 48 |
Release | : 1989 |
Genre | : Developing countries |
ISBN | : |
This paper presents a structural macro simulation model to quantify the effects of alternative stabilization packages on the distribution of income and wealth. The model combines the explicit microeconomic optimizing behavior characteristic of computable general equilibrium models with asset portfolio behavior of macroeconomic models in Tobin's tradition. In this model there are four main mechanisms by which policy changes affect the distribution of income and wealth. First changes in factor rewards affect directly household income distribution. Second, household real incomes are affected by changes in their respective cost of living indexes. Third, household real incomes are affected by changes in real returns on financial assets since household incomes include income from financial holdings. Fourth, household wealth distribution is affected by capital gains and losses. Simulations with' the model are carried out for a representative economy subject to the interest rate and terms-of-trade shocks of the early 1980s. The simulations suggest a large adverse impact on the distribution of income of a sharp contractionary package. The resulting distributional shifts are likely to endanger the sustainability of the package even though the distribution of income becomes more equal when normal policies are resumed. By contrast, the targeted expenditure cut programs advocated by the critics of contractionary packages result in a much less unequal distribution of income during the adjustment package, even though the distributional improvements of the targeted package are mostly reversed in the post-adjustment period. The simulations support the view that stabilization packages which do not have specific components targeted towards the poor will have a noticeable adverse effect on the distribution of income, which is likely to result in some form of permanent damage for those below the poverty line.
Author | : Anne Maasland |
Publisher | : World Bank Publications |
Total Pages | : 42 |
Release | : 1990 |
Genre | : Ajuste economico |
ISBN | : 6092921375 |
There are a variety of approaches, and country issues and data availability will determine the most practical approach.
Author | : Francois Bourguignon |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
This paper presents a structural macro simulation model to quantify the effects of alternative stabilization packages on the distribution of income and wealth. The model combines the explicit microeconomic optimizing behavior characteristic of computable general equilibrium models with asset portfolio behavior of macroeconomic models in Tobin's tradition. In this model there are four main mechanisms by which policy changes affect the distribution of income and wealth. First changes in factor rewards affect directly household income distribution. Second, household real incomes are affected by changes in their respective cost of living indexes. Third, household real incomes are affected by changes in real returns on financial assets since household incomes include income from financial holdings. Fourth, household wealth distribution is affected by capital gains and losses. Simulations with' the model are carried out for a representative economy subject to the interest rate and terms-of-trade shocks of the early 1980s. The simulations suggest a large adverse impact on the distribution of income of a sharp contractionary package. The resulting distributional shifts are likely to endanger the sustainability of the package even though the distribution of income becomes more equal when normal policies are resumed. By contrast, the targeted expenditure cut programs advocated by the critics of contractionary packages result in a much less unequal distribution of income during the adjustment package, even though the distributional improvements of the targeted package are mostly reversed in the post-adjustment period. The simulations support the view that stabilization packages which do not have specific components targeted towards the poor will have a noticeable adverse effect on the distribution of income, which is likely to result in some form of permanent damage for those below the poverty line.
Author | : Francois Bourguignon |
Publisher | : World Bank Publications |
Total Pages | : 53 |
Release | : 1989 |
Genre | : Ajuste economico |
ISBN | : |
Author | : François Bourguignon |
Publisher | : |
Total Pages | : 54 |
Release | : 1989 |
Genre | : Developing countries |
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Author | : Lance Taylor |
Publisher | : MIT Press |
Total Pages | : 316 |
Release | : 1991 |
Genre | : Business & Economics |
ISBN | : 9780262700450 |
Structuralist macroeconomics has emerged recently as the only viable theoretical alternative for economists and practitioners in developing countries. Lance Taylor's innovative work represents a landmark in this field. It codifies a new generation of structuralist macroeconomic models that incorporate the economic power relationships of key institutions and groups, integrates both finance and real macroeconomics, and covers a diverse range of experience in the developing world over the past three decades. In an introduction Taylor explains his methodology, describes assumptions underlying the models used, and reviews theories that relate economic growth and the role of financial assets. He then takes up basic structuralist models of a closed economy and moves on to consider the open economy cases. He incorporates the latest developments in the field (inflation, financial crisis, exchange rate management, increasing returns, and the like) in a treatment that departs substantially from economic orthodoxy. Taylor first addresses the question of how to specify "closure" or define the causal structure of macro models. He also considers how income redistribution influences growth and output and how income redistribution interacts with inflation. Next, an investment-driven non-full employment growth model draws on ideas introduced earlier to illustrate how different sorts of macroeconomic policies affect short-run adjustment and growth prospects over time. Taylor then turns to the problems proposed by economic openness in a stylized semi-industrialized country, starting with international trade. A fix-price/flex-price model is developed, and additional models demonstrate cases of policy relevance as well as interactions between class conflict and growth.
Author | : Ferri, Piero |
Publisher | : Edward Elgar Publishing |
Total Pages | : 264 |
Release | : 2022-03-15 |
Genre | : Business & Economics |
ISBN | : 1802206019 |
Piero Ferri expertly broadens the analysis of the canonical growth cycle approach by presenting a Minsky–Harrod model, examining how the relationship between income distribution, growth and unemployment becomes increasingly complex. Exploring this new technique to generate a process of growth, based not only on history but disequilibrium, he investigates the current income distribution debate further and the challenges it faces.
Author | : François Bourguignon |
Publisher | : World Bank Publications |
Total Pages | : 59 |
Release | : 1991 |
Genre | : Cost and standard of living |
ISBN | : |
Adjustment programs will fail when they do not recognize the interdependence of the three criteria of efficiency, welfare, and political feasibility. These programs must be tailored to both the political and economic environments of each country.
Author | : Vito Tanzi |
Publisher | : |
Total Pages | : 36 |
Release | : 1995 |
Genre | : Economic stabilization |
ISBN | : |