This paper argues that the polarization of income distribution and the decline in the wage share play an important role in the generation of unbalanced and fragile growth. The authors examine the possibility of an alternative path, a wage-led growth strategy, which is likely to generate a much...

The paper investigates exchange rate cycles and their relationship to the business cycle in 7 major emerging market economies. We document the presence of periodic cycles in nominal US-dollar exchange rates and show that these are closely aligned with cycle frequencies in real output. Joint...