Okun's Law postulates a stable relationship between quarterly output growth and changes in (un)employment. This proposition has so far been tested with macroeconomic data at the highest level of aggregation. The paper goes beyond that in extending the analysis to industry data from Switzerland,...

The Bhaduri-Marglin model is a post-Kaleckian model that allows for studying the impact of functional income distribution on the growth in demand. Over recent years, a number of empirical studies based on this model have aimed at determining whether a redistribution towards profits harms or...

The paper combines Baumol's model of structural change with a model of aggregate demand growth in the Keynesian-Kaleckian tradition to predict the dynamics of aggregate employment. The model for the demand regime is estimated with - and Baumol's model for the productivity regime is calibrated on...

Keynes's essay "Relative Movements of Real Wages and Output" is widely believed to be an important amendment to his General Theory because, in this essay, Keynes relaxed his core assumption of decreasing marginal returns to labour. Non-decreasing marginal returns, however, do not sit comfortably...

The paper suggests a consistent interpretation for the much debated Z-footnote on pp. 55-56 of the General Theory and discards claims recently made in the literature concerning the importance of output heterogeneity for Keynes's macroeconomic approach. -- Keynes ; aggregate supply function ;...