The outbreak of the financial crisis in 2008 witnessed a marked contraction in US consumption spending that had hitherto been boosted by historically high levels of household debt-financing. These events question the validity of conventional models of consumption based on the life-cycle...

In dem Aufsatz wird der Zusammenhang zwischen funktionaler Einkommensverteilung und Wirtschaftswachstum in Österreich, Frankreich, Deutschland, den Niederlanden, Großbritannien und den USA für den Zeitraum von 1960 bis 2005 untersucht. In Anlehnung an Bhaduri/Marglin (1990) legt die Analyse...

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...

This paper presents the main features of the macroeconomic model being used at The Levy Economics Institute of Bard College, which has proven to be a useful tool in tracking the current financial and economic crisis. We investigate the connections of the model to the "New Cambridgeʺ approach,...

We analyse the effects of interest rate variations on the rates of capacity utilisation, capital accumulation and profit in a simple post-Kaleckian distribution and growth model. This model gives rise to different potential accumulation regimes depending on the values of the parameters in the...

Using Gretl, I apply ARMA, Vector ARMA, VAR, state-space model with a Kalman filter, transfer-function and intervention models, unit root tests, cointegration test, volatility models (ARCH, GARCH, ARCH-M, GARCH-M, Taylor-Schwert GARCH, GJR, TARCH, NARCH, APARCH, EGARCH) to analyze quarterly time...

We use consumption and balance sheet data disaggregated between the top 5% and the bottom 95% of US households by income to show that the bottom 95% went deeply into debt to mitigate the impact of their stagnant incomes on their consumption. We use micro data to calibrate an intrinsic Keynesian...

This Strategic Analysis paper provides an analysis of the medium-term forces behind economic growth since 1980, showing that the authors' previous work, grounded in the linkages between growth and the financial balances of the private, public, and foreign sectors of the economy, has proven a...

Most empirical macroeconomic research limited to the period since World War II. This paper analyses the effects of changes in income distribution and in private wealth on consumption and investment covering a period from as early as 1855 until 2010 for the UK, France, Germany and USA, based on...

In dieser Analyse schätzen wir den Einfluss von Gewohnheits-(Habits) gegenüber Vergleichsmotiven (Envy) zur Erklärung des Konsumverhaltens US-amerikanischer Haushalte. Wir verwenden Daten der seit August 2013 erhältlichen Konsumerhebungen des Panel Study of Income Dynamics (PSID) für den...