2018-06 Long-term shifts in demand and distribution in neo-Kaleckian and neo-Goodwinian models
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References
The distributional effects of capital account liberalization
Pseudo-Goodwin cycles in a Minsky model.
The effects of financialisation and financial development on investment: Evidence from firm-level data in Europe
The finance-dominated growth regime, distribution, and aggregate demand in the US
Wage-led versus profit-led demand: What have we learned? A Kalecki-Minsky view
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Q2. What have the authors stated for future works in "Long-term shifts in demand and distribution in neo-kaleckian and neo-goodwinian models" ?
However, it should be emphasized that this is only a logical possibility, and much more theoretical and empirical work is required to tease out the channels through which various kinds of structural forces and policy shifts have affected both income distribution and aggregate demand in the long term. Thus, it is important for future research to focus on better understanding what determines the relative shares of wages and profits and analyzing the multidirectional causality between demand, distribution, and other factors over both short-run cycles and longer time horizons. Also, if Lavoie is correct that cyclical movements in the wage share are largely driven by endogenous fluctuations in labor productivity rather than by the behavior of the real wage, as the empirical results in Cauvel ( 2018 ) suggest, then all models that assume that the wage share is an adequate measure of distributional forces would have to be re-thought.