Stockhammer, Engelbert and Onaran, Özlem ORCID: 0000-0002-6345-9922 (2004) Accumulation, distribution and employment: a structural VAR approach to a Kaleckian macro model. Structural Change and Economic Dynamics, 14 (4). pp. 421-447. ISSN 0954-349X (doi:https://doi.org/10.1016/j.strueco.2003.07.002)

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Abstract

The paper investigates the relation between effective demand, income distribution and unemployment empirically. A Kaleckian macro model is presented and tested by means of a structural vector autoregression (VAR) model. The hypotheses explored focus on the determination of unemployment. The VAR model consists of capital accumulation, capacity utilization, the profit share, unemployment and the growth of labor productivity and is estimated for the USA, UK and France. We find that employment is demand-led and that income distribution has little effect on either demand or employment. Technological progress effects income distribution as well as employment.

Item Type:	Article
Uncontrolled Keywords:	Keynesian economics, capital accumulation, distribution, unemployment, structural vectorautoregression
Subjects:	H Social Sciences > HB Economic Theory
Faculty / School / Research Centre / Research Group:	Faculty of Business > Department of International Business & Economics Faculty of Business > Centre for Work and Employment Research (CREW) > Work & Employment Research Unit (WERU)
Related URLs:	Publisher
Last Modified:	14 Oct 2016 09:22
URI:	http://gala.gre.ac.uk/id/eprint/9109

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