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Accumulation, distribution and employment: a structural VAR approach to a Kaleckian macro model

Accumulation, distribution and employment: a structural VAR approach to a Kaleckian macro model

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 / Department / Research Group: Faculty of Business > Department of International Business & Economics
Faculty of Business > Work & Employment Research Unit (WERU)
Faculty of Business > Centre for Work and Employment Research (CREW) > Work & Employment Research Unit (WERU)
Related URLs:
Last Modified: 14 Oct 2016 09:22
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/9109

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