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distribution, relating to both aggregate demand and labour productivity. It presents new empirical and econometric evidence …
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An increase in the wage share has contradictory effects on the subaggregates of aggregate demand. Private consumption expenditures ought to increase because wage incomes typically are associated with higher consumption propensities than capital incomes. Investment expenditures ought to be...
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in aggregate demand, unemployment rate, real wage and labour productivity, which captures key components of the labour … model to identify four structural innovations: aggregate demand, labour supply, wage bargaining, and productivity; (iii … share responded mainly to productivity, aggregate demand, and wage bargaining shocks during the immediate post-war era …
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