Till van Treeck is professor of social economics at the University of Duisburg-Essen, Germany. He is also a senior research fellow at the Macroeconomic Policy Institute (IMK) in Duesseldorf, Germany. Till obtained degrees in economics and political science from the Institut d’Etudes Politiques de Lille, France, the University of Muenster, Germany, and Leeds University Business School, UK. Till is managing academic director of the Research Institute for Science-Based Societal Development (FWGW) in Duesseldof, Germany. Besides, he is a member of the organizing committee of the Research Network Macroeconomics and Macroeconomic Policies (FMM) and managing co-editor of the European Journal of Economics and Economic Policies (EJEEP). His research interests include income distribution from a macroeconomic perspective, European and German economic policy, and economics education. His work on inequality as a cause of macroeconomic instability was funded by the International Labour Organization (ILO) and the Institute for New Economic Thinking (INET).
Till van Treeck
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[PART 1] U.S. Current Account Deficits and German Surpluses: The Role of Income Distribution in Global Imbalances
Germany’s economic policies are under attack from all sides.
[PART 2] U.S. Current Account Deficits and German Surpluses: The Role of Income Distribution in Global Imbalances
In our two papers, we analyze how changes in personal and functional (wages versus profits) income distribution interact to produce different macroeconomic outcomes in different countries. On the basis of a stock-flow consistent model calibrated for the United States, Germany, and China, simulations suggest that a substantial part of the increase in household debt and the decrease in the current account in the United States since the early 1980s can be explained by the interplay of rising (top-end) household income inequality and certain institutions (e.g. easy access to credit, privately financed education and health care systems).
We develop a three-country, stock-flow consistent macroeconomic model to study the effects of changes in both personal and functional income distribution on national current account balances.