The finance-dominated growth regime, distribution, and aggregate demand in the US

Onaran, Özlem and Stockhammer, Engelbert ORCID: https://orcid.org/0000-0002-5329-3535 and Grafl, Lucas (2009) The finance-dominated growth regime, distribution, and aggregate demand in the US. Department of Economics Working Paper Series, 126. Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, Vienna.

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Abstract

The finance-dominated growth regime has affected key macroeconomic variables in several contradictory ways. This paper investigates some of these effects: an increase of rentiers income, housing wealth and net financial wealth on private consumption expenditures and the effects of changes in payments to the rentier by the business on private investment expenditures. A Post-Kaleckian macro model is used as a starting point for this investigation. The paper thus contributes to two debates. First, it aims at clarifying some important macroeconomic effects of financialization. Second, it extends the analysis of distribution-led demand regimes by controlling for financialization variables.

Item Type: Paper
Keywords: distribution / demand / investment / consumption / foreign trade / financialization / finance-dominated growth regime / wage-led / profit-led / macroeconomics / Keynesian economics
Classification Codes: RVK QX 200, QC 200 ; JEL E12, E20, E22, E25, E61
Divisions: Departments > Volkswirtschaft
Depositing User: Repository Administrator
Date Deposited: 20 Feb 2009 18:16
Last Modified: 31 Oct 2019 08:02
URI: https://epub.wu.ac.at/id/eprint/1306

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