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DTSTART;TZID=America/New_York:20190410T143000
DTEND;TZID=America/New_York:20190410T153000
DTSTAMP:20240514T181503Z
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SUMMARY:Inequality Aversion\, Populism\, and the Backlash Against Globalization
DESCRIPTION:Speaker: Pietro Veronesi (University of Chicago) \nTitle: Inequality Aversion\, Populism\, and the Backlash Against Globalization \nAbstract: Motivated by the recent rise of populism in western democracies\, we develop a model in which a populist backlash emerges endogenously in a growing economy. In the model\, voters dislike inequality\, especially the high consumption of “elites.” Economic growth exacerbates inequality due to heterogeneity in risk aversion. In response to rising inequality\, rich-country voters optimally elect a populist promising to end globalization. Countries with more inequality\, higher financial development\, and current 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 supports the model.
URL:https://cmsa.fas.harvard.edu/event/4-10-2019-colloquium/
LOCATION:CMSA\, 20 Garden Street\, Cambridge\, MA\, 02138\, United States
CATEGORIES:Colloquium
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