Growth and Employment in Europe: Sustainability and Competitiveness, Department of Economics, WU (Wirtschaftsuniversität Wien)
Accumulation, distribution and employment: a structural VAR approach to a post-Keynesian macro model
() and Özlem Onaran
Abstract: The paper investigates the relation between effective
demand, income distribution and unemployment empirically. Its aim is to
evaluate Keynesian, Kaldorian and neoclassical hypotheses about the
determination of labor market variables. To do so, a vector autoregression
model consisting of capital accumulation, capacity utilization, the profit
share, unemployment and the growth of labor productivity is estimated. A
general post-Keynesian model following the lines of Kalecki and Kaldor is
presented and provides the specification for a structural VAR. The model is
estimated for the USA, UK and France.
Keywords: Keynesian economics; macroeconomics; capital accumulation; distribution; unemployment; structural vectorautoregression; (follow links to similar papers)
JEL-Codes: E1; E12; E2; E3; (follow links to similar papers)
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