The macroeconomic effects of "financialisation" are assessed applying two different variants of a Kaleckian model of distribution and growth. The focus is on the effects of changes in distribution between shareholders/rentiers, firms and workers, as well as on the effects of increasing...

Der Artikel greift die Debatte um "fully-adjusted positions" in der postkeynesianischen Literatur auf. Diese sind durch eine Übereinstimmung von normaler und tatsächlicher Kapazitätsauslastung in der langen Frist gekennzeichnet. Im Text wird argumentiert, dass hierin nicht die einzig...

We analyse the link between income distribution and the current account through a descriptive analysis for the G7 countries and a series of panel estimations for the G7 countries and a larger sample of 20 countries for the period 1972-2007. We find that, firstly, rising personal inequality leads...

Household surveys like the German Socio-Economic Panel (SOEP) notoriously underestimate the degree of income and wealth inequality at the upper end of the distribution. A new approach developed by Thomas Piketty and co-authors therefore analyses tax return data in an attempt at better measuring...

Freiwillige Haushaltbefragungen wie das Sozioökonomische Panel (SOEP) unterschätzen tendenziell die Ungleichheit von Einkommen und Vermögen. Die von Thomas Piketty und anderen etablierte Forschungsrichtung wertet daher zur Bestimmung der Ungleichheit am oberen Ende der Verteilung amtliche...

We discuss the link between rising income inequality, financialisation and macroeconomic imbalances during the period before the global financial and economic crisis starting in 2007. We present case studies for the United States and Germany as well as the results of model-based simulations and...

This article brings together the varieties of capitalism and the growth model approaches to comparative political economy to analyse the macroeconomic implications of changes in income distribution. In the decades before the financial crisis, coordinated market economies (CMEs) and liberal...

In this paper, we revisit the macroeconomic foundations and political economy of national growth models. We challenge the Kaleckian framework underpinning the emergent growth model literature in comparative political economy, which focuses primarily on the functional income distribution (wages...

In this paper, we analyze how corporate sector behavior has affected national current account balances in a sample of 25 countries for the period 1980-2015. A consistent finding is that an increase (decrease) in corporate net lending leads to an increase (decrease) in the current account,...

In this paper, we analyze how corporate sector behavior has affected national current account balances in a sample of 25 countries for the period 1980-2015. A consistent finding is that an increase (decrease) in corporate net lending leads to an increase (decrease) in the current account,...