Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/126588 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Working Paper No. 206
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
This paper presents a 3x3 general equilibrium model of an OLGeconomy with technological uncertainty, heterogeneous agents and quasi-homothetic preferences to analyze structural change between the real and the financial sector as well as within the financial sector. Besides the consumption and investment good two types of financial services are produced. The three factors of production are: Capital, skilled and unskilled labor. Financial services are needed for transforming savings into future consumption possibilities. The financial market provides deposits and an incomplete set of securities. Payoffs of assets are determined by the future profitability of the technologies in which they are invested. We show the channels through which structural change and inequality reinforce each other and show how they simultaneously emerge from rising per-capita income, an increase in skill supply and technical change.
Schlagwörter: 
structural change
financialization
quasi-homothetic port- folio decision
inequality
JEL: 
O16
J31
D90
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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