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  Infrastructure and inequality: Insights from incorporating key economic facts about household heterogeneity

Klenert, D., Mattauch, L., Edenhofer, O., Lessmann, K. (2018): Infrastructure and inequality: Insights from incorporating key economic facts about household heterogeneity. - Macroeconomic Dynamics, 22, 4, 864-895.
https://doi.org/10.1017/S1365100516000432

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 Creators:
Klenert, David1, Author              
Mattauch, L.2, Author
Edenhofer, Ottmar1, Author              
Lessmann, K.2, Author
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1Potsdam Institute for Climate Impact Research, ou_persistent13              
2External Organizations, ou_persistent22              

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 Abstract: We study the impacts of investment in public capital on equity and efficiency. Taking into account stylized facts on wealth accumulation, we model agent heterogeneity through differences in saving behavior, income source and time preference. We find that in the long run, public investment is Pareto-improving and that it reduces inequality in wealth, welfare, and income at the same time, if it is financed by a capital tax. Consumption tax financing is also Pareto-improving but distribution-neutral. Only for labor tax financing, a trade-off between equity and efficiency occurs. Additionally, we find that agents differ in their preferred tax rates.The results for capital and labor tax financing are valid for both, the case of decreasing and constant returns to accumulable factors.

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 Dates: 2018
 Publication Status: Finally published
 Pages: -
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 Table of Contents: -
 Rev. Type: Peer
 Identifiers: DOI: 10.1017/S1365100516000432
PIKDOMAIN: Sustainable Solutions - Research Domain III
eDoc: 7271
Research topic keyword: Economics
Research topic keyword: Inequality and Equity
Organisational keyword: RD3 - Transformation Pathways
Working Group: Climate & Energy Policies
 Degree: -

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Title: Macroeconomic Dynamics
Source Genre: Journal, SCI, Scopus
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Pages: - Volume / Issue: 22 (4) Sequence Number: - Start / End Page: 864 - 895 Identifier: Other: Cambridge University Press
Other: 1469-8056
ISSN: 1365-1005
CoNE: https://publications.pik-potsdam.de/cone/journals/resource/macroeconomic-dynamics