Working papers, Department of Economics, WU (Wirtschaftsuniversität Wien)
The finance-dominated growth regime, distribution, and aggregate demand in the US
(), Engelbert Stockhammer
() and Lukas Grafl
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.
JEL-Codes: E12; E20; E22; E25; E61; (follow links to similar papers)
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