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UID:f7b1fc3ce01330502848fcfdcbf34931
CATEGORIES:Seminars
CREATED:20180524T121057
SUMMARY:Lunch Seminar: Pietro Veronesi - University of Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong>Inequality Aversion, Populism, and the Backlash against Globaliz
 ation</strong> (joint with Lubos Pastor)</p><p><strong>Abstract:</strong></
 p><p style="text-align: justify;">Our theory connects the recent rise of po
 pulism in western democracies to the growing income inequality.  In our het
 erogeneous-agent complete-markets model, voters dislike within-country ineq
 uality, especially the high consumption of the “elites”.  Economic growth e
 xacerbates inequality due to heterogeneity in risk aversion.  In response t
 o the rising inequality, rich-country voters optimally elect a populist pro
 mising to end globalization.  The backlash against globalization is an inev
 itable by-product of growth; it cannot be precluded by redistribution.  Cou
 ntries with more inequality, higher financial development, and current acco
 unt deficits are more vulnerable to populism, both in the model and in the 
 data.   Evidence on who voted for Brexit and Trump in 2016 also provides so
 me support for the model.</p>
DTSTAMP:20260407T044511Z
DTSTART:20180628T130000Z
DTEND:20180628T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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