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UID:f7b1fc3ce01330502848fcfdcbf34931
CATEGORIES:Seminars
CREATED:20180524T121057
SUMMARY:Lunch Seminar: Pietro Veronesi - University of Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nInequality Aversion, Populism, and the Backlash against Globalization (
 joint with Lubos Pastor)\n\n\nAbstract:\nOur theory connects the recent ris
 e of populism in western democracies to the growing income inequality.  In 
 our heterogeneous-agent complete-markets model, voters dislike within-count
 ry inequality, especially the high consumption of the “elites”.  Economic g
 rowth exacerbates inequality due to heterogeneity in risk aversion.  In res
 ponse to the rising inequality, rich-country voters optimally elect a popul
 ist promising to end globalization.  The backlash against globalization is 
 an inevitable by-product of growth; it cannot be precluded by redistributio
 n.  Countries with more inequality, higher financial development, and curre
 nt account 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 prov
 ides some support for the model.\n
DTSTAMP:20260407T060348Z
DTSTART:20180628T130000Z
DTEND:20180628T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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