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Trend and cyclical patterns of household, business, government, and foreign net borrowing shares of GDP are reviewed using diagrams and covariance decompositions of the identity stating that the sum of the shares equals zero. Household and business net borrowing shares and thereby those...
Persistent link: https://www.econbiz.de/10011031798
We introduce the results of a non-parametric estimate of the US wage Phillips Curve into a simplified version of the model of the wage-price spiral by Flaschel and Krolzig (2008). Making use of Okun’s law, the non-linearity in the wage inflation-employment relation translates into a...
Persistent link: https://www.econbiz.de/10011031803
The US national income and product accounts are restated in the form of a social accounting matrix or SAM. Using data from the Congressional Budget Office and the Consumer Expenditure Survey of the Bureau of Labor Statistics, the SAM is extended to include seven household groups in the size...
Persistent link: https://www.econbiz.de/10011031805
Thomas Piketty attributes increasing wealth inequality to the characteristics of a neoclassical aggregate production function, which is known not to exist. A more plausible narrative is that wage repression can lead to secular stagnation by enriching the rentier. Lower economic activity...
Persistent link: https://www.econbiz.de/10011031807
Microeconomically, the case for liberalization is dubious under increasing returns to scale and when firms can invest directly in productivity enhancement. Distributional effects of commercial policy changes can be regressive and large, but the 'rents' they generate can serve as a basis for...
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