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This paper surveys current debates on the distributive cycle. The literature builds on R.M. Goodwin's seminal 1967 chapter titled "A growth cycle." We review theoretical motivations for the distributive cycle, which, despite significant differences, all imply that macroeconomic activity leads...
Persistent link: https://www.econbiz.de/10012581571
This paper presents a classical-Keynesian one sector model of labor-constrained growth that explains secular stagnation as the result of structural change. Structural change is defined as an exogenous increase in the employment share of stagnant activities, which exhibit no or low labor...
Persistent link: https://www.econbiz.de/10012621640
Persistent link: https://www.econbiz.de/10013186501
This paper surveys current debates on the distributive cycle. The literature builds on R.M. Goodwin's seminal 1967 chapter titled "A growth cycle." We review theoretical motivations for the distributive cycle, which, despite significant differences, all imply that macroeconomic activity leads...
Persistent link: https://www.econbiz.de/10012286094
Persistent link: https://www.econbiz.de/10013396221
This paper studies two formal models of long run growth with a medium-run distributive cycle, both of which feature causal links from the rise in inequality to a deterioration of long run macroeconomic performance. Both versions feature an endogenous income-capital ratio: one through the...
Persistent link: https://www.econbiz.de/10014327602
Persistent link: https://www.econbiz.de/10014447537
Persistent link: https://www.econbiz.de/10011311659
Persistent link: https://www.econbiz.de/10009786931