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with the expected sign in each of the equations. Our estimation results imply, both for the US and for Germany, that the … regimes depending on the values of the parameters in the investment, saving and distribution function. Estimating these core … behavioural equations for the US and Germany in the period 1960-2007, we find significant and robust effects of interest payments …
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Empirical research based on the Bhaduri/Marglin-variant of the Kaleckian model has recently shown that aggregate demand in many medium-sized and large open economies tends to be wage-led in the medium to long run, even in a period of increasing globalisation. In this paper we extend this type of...
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