European Business Schools Librarian's Group

Department of Economics Working Papers,
Vienna University of Economics and Business, Department of Economics

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

Özlem Onaran (), Engelbert Stockhammer () and Lukas Grafl ()
Additional contact information
Özlem Onaran: Department of Economics, Vienna University of Economics & B.A.
Engelbert Stockhammer: Department of Economics, Vienna University of Economics & B.A.
Lukas Grafl: Department of Economics, Vienna University of Economics & B.A.

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 February 2009

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