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

Stockhammer, Engelbert; Onaran, Özlem

doi:10.1016/j.strueco.2003.07.002

Cited by 133 publications

(109 citation statements)

References 13 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Note. sig = statistically significant Source: Stockhammer and Onaran (2004) The Keynesian-Kaleckian model performed fairly good, and in line with the theoretical model. Strong support is found for the demand-led labor market hypothesis.…”

supporting

confidence: 71%

Do Profits Affect Investment and Employment? An Empirical Test Based on the Bhaduri-Marglin Model

Onaran¹,

Stockhammer²

2006

Wages, Employment, Distribution and Growth

Self Cite

View full text Add to dashboard Cite

show abstract

supporting

confidence: 71%

Do Profits Affect Investment and Employment? An Empirical Test Based on the Bhaduri-Marglin Model

Onaran¹,

Stockhammer²

2006

Wages, Employment, Distribution and Growth

Self Cite

View full text Add to dashboard Cite

show abstract

“…Hence, they conclude, that neither country has a profit-led growth regime. Stockhammer and Onaran (2004) estimate a similar model for USA, Great Britain and France. They supplement the model with functions which describe income distribution, labor productivity and unemployment.…”

Section: Literature Reviewmentioning

confidence: 99%

Functional Distribution of Income and Economic Activity in Croatia: Post-Keynesian Approach

Vujčić

Deskar-Škrbić²,

Ratkovski

et al. 2013

SSRN Journal

View full text Add to dashboard Cite

show abstract

“…In the empirical part, they estimate savings and investment econometrically and try to characterise the accumulation regimes of France, Germany, the USA and the UK. Stockhammer and Onaran (2004) estimate a structural VAR model consisting of the variables capital accumulation, capacity utilization, profit share, unemployment rate and labour productivity growth for the USA, UK and France. Employing a VAR model, the mutual interaction of the variables is incorporated.…”

Section: Related Literaturementioning

confidence: 99%

Functional income distribution and aggregate demand in the Euro area

Stockhammer¹,

Onaran²,

Ederer³

2008

Cambridge Journal of Economics

230

156

View full text Add to dashboard Cite

-An increase in the wage share has contradictory effects on the subaggregates of aggregate demand. Private consumption expenditures ought to increase because wage incomes typically are associated with higher consumption propensities than capital incomes. Investment expenditures ought to be negatively affected because investment will positively depend on profits. Net exports will be negatively affected because an increase in the wage share corresponds to an increase in unit labor costs and thus a loss in competitiveness. Theoretically aggregate demand can therefore be either wage led or profit led depending on how these effects add up. The results will crucially depend on how open the economy is internationally. The paper estimates a Post-Kaleckian macro model incorporating these effects for the Euro area and finds that the Euro area is presently in a wage-led demand regime. Implications for wage policies are discussed.

show abstract

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

Cited by 133 publications

References 13 publications

Do Profits Affect Investment and Employment? An Empirical Test Based on the Bhaduri-Marglin Model

Do Profits Affect Investment and Employment? An Empirical Test Based on the Bhaduri-Marglin Model

Functional Distribution of Income and Economic Activity in Croatia: Post-Keynesian Approach

Functional income distribution and aggregate demand in the Euro area

Contact Info

Product

Resources

About