Showing 11 - 20 of 108
We study a series of sustained growth models in which households' preferences are affected by the consumption of other households as summarized by average consumption. In endogenous growth models, the equilibrium paths involve lower savings and lower growth than the corresponding efficient...
Persistent link: https://www.econbiz.de/10011731454
This paper surveys current debates on the distributive cycle. The literature builds on R.M. Goodwin's seminal 1967 chapter titled "A growth cycle." We review theoretical motivations for the distributive cycle, which, despite significant differences, all imply that macroeconomic activity leads...
Persistent link: https://www.econbiz.de/10013269251
This paper surveys current debates on the distributive cycle. The literature builds on R.M. Goodwin's seminal 1967 chapter titled "A growth cycle." We review theoretical motivations for the distributive cycle, which, despite significant differences, all imply that macroeconomic activity leads...
Persistent link: https://www.econbiz.de/10013269252
Using data on household balance sheets from the Survey of Consumer Finances and data on macroeconomic rates of return from Jordà et al. (2019) we construct two alternate series for household rates of return by race from 1989 to 2016. Our estimates suggest a persistent racial gap in the rate of...
Persistent link: https://www.econbiz.de/10012668957
This paper studies the interaction between epidemiological dynamics and the dynamics of economic activity in a demand-driven model in the structuralist/post-Keynesian tradition. On the one hand, rising aggregate demand increases the contact rate and therefore the probability of exposure to a...
Persistent link: https://www.econbiz.de/10012668962
We study a two-class model of growth and the distribution of income and wealth at the intersection of contemporary work in classical political economy and the post-Keynesian tradition. The key insight is that aggregate demand is an externality for individual firms: this generates a strategic...
Persistent link: https://www.econbiz.de/10012668966
This paper presents a model of secular stagnation, income and wealth distribution, and employment in the Classical Political Economy tradition, that can be contrasted with the accounts by Piketty (2014) and Gordon (2015). In these explanations, an exogenous reduction in the growth rate g...
Persistent link: https://www.econbiz.de/10012668971
We study a demand-driven growth and distribution model with a public sector, both without and with government debt. Government spending is used to finance the accumulation of public capital and to pay wages to public employees. The interaction between public capital and induced technical change...
Persistent link: https://www.econbiz.de/10011498364
Persistent link: https://www.econbiz.de/10012635936
Persistent link: https://www.econbiz.de/10012192431