Income Distribution and Macroeconomics
分析财富分布如何通过人力资本投资影响宏观经济，指出信贷市场不完善和人力资本投资不可分割性导致财富初始分布影响短期和长期的总产出与投资，解释了各国人均产出持续差异及宏观调整差异。
This paper analyzes the role of wealth distribution in macroeconomics through investment in human capital. In the presen ce of credit markets' imperfections and indivisibilities in investment in human capital, the initial distribution of wealth affects aggregate output and investment both in the short and in the long run, as ther e are multiple steady states. This paper, therefore, provides an additional explanation for the persistent differences in per-capita output across countries. Furthermore, the paper shows that cross-country differences in macroeconomic adjustment to aggregate shocks can be attributed, among other factors, to differences in wea lth and income distribution across countries. Copyright 1993 by The Review of Economic Studies Limited.