Wage-led versus profit-led demand: A comprehensive empirical analysis
Küçük Resim Yok
Tarih
2020
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Wiley
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
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.
Açıklama
Anahtar Kelimeler
Demand, Distribution, Economic Growth, Keynesian Economics, Trade Openness, Functional Income-Distribution, Aggregate Demand, Bhaduri-Marglin, Growth Theory, Debt, Economy, Financialization, Productivity, Consumption, Inequality
Kaynak
Metroeconomica
WoS Q Değeri
Q3
Scopus Q Değeri
Q2
Cilt
71
Sayı
3
