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    Wage-led versus profit-led demand: A comprehensive empirical analysis
    (Wiley, 2020) Oyvat, Cem; Oztunali, Oguz; Elgin, Ceyhun
    This study investigates various economic factors' impact in determining the relationship between functional income distribution and aggregate demand from both a theoretical and an empirical viewpoint. We base our analysis on a demand-driven growth model for an open economy that allows for either profit-led or wage-led regimes. Our results strongly indicate that a higher level of trade openness is associated with a lower probability of being wage-led. We find evidence that lower wage inequality makes an economy more wage-led and that countries with a greater private credit-to-gross domestic product (GDP) ratio are more likely to be profit-led.