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The paper assumes a continuum of two period-lived agents; agents are identical except for inherited income. Young agents allocate their inheritance between consumption and investment in human capital under uncertainty. In the second period they receive a wage proportional to the accumulated human capital and invest in offspring. Two main results arise: a low earning per unit of human capital leads economy to converge to a stationary income distribution whatever the initial distribution. Viceversa, for a sufficiently high wage an endogenous growth operates and the distributive dynamics depends on initial conditions. In this case different redistributive policies are analyzed.J.E.L. Classification: D31, D90, O15, O41
Accession to the euro area is a long term process that is still under way for most transition economies, and different paths to macroeconomic stabilization were adopted by local authorities. This study is based on data for three groups of countries: EEC Eastern European countries
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