# Eustache Elina*, Julien Silhol**

## MEGA Salle Carine Nourry

Maison de l'économie et de la gestion d'Aix

424 chemin du viaduc

13080 Aix-en-Provence

Camille Hainnaux : camille.hainnaux[at]univ-amu.fr

Daniela Horta Saenz : daniela.horta-saenz[at]univ-amu.fr

Jade Ponsard : jade.ponsard[at]univ-amu.fr

Nathan Vieira : nathan.vieira[at]univ-amu.fr

*The past 40 years have been characterized by a decrease in the interest rate, an increase in the price of equity shares, relatively low growth rates, and an increase in income and wealth inequality. Using a heterogeneous-agent model featuring permanent labor income inequality, capital gains, and non-homothetic preferences, we investigate the impact of an increase in income inequality on wealth inequality. We show that an increase in labor income inequality increases aggregate savings which pushes down the interest rate, pushing the bottom of the distribution to save less but limiting financial income at the top. However, in the short run, this decrease in the interest rate is more than compensated by capital gains, increasing the wealth share at the top of the distribution. This general equilibrium effect accounts for at least 8% of the increase in wealth inequality. Those insights shed new light on the equity premium puzzle, secular stagnation, and the rise in wealth inequality.

**Since 2004, interns in general medicine are distributed among the universities after the internship competition. This distribution is organized on the basis of their wishes, their ranking in the competition and the number of places available in each university. We show that even after taking birthplaces into account, the distribution of available places between universities has an impact on the territorial distribution of General Practitionners. More specifically, we estimate that for the 2004 to 2007 internes group years, an increase of 1 percentage point in the share of general medicine internes assigned to a university led, on average, to an increase of about 0.4 percentage points in the share of private GPs settling permanently in the area of this university. The study also shows the importance of birthplace in the choice of working place. In fact, a regulation policy based on local recruitment of medical students (the numerus appertus finally chosen by the public authorities) would be at least as effective as that which consists of relying solely on the distribution of interns.