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Productivity, the real exchange rate and the aggregate demand: an empirical exercise applied to brazil from 1960 to 2011

Author

Listed:
  • Douglas Alcantara Alencar

    (UFPA)

  • Frederico Gonzaga Jayme Jr.

    (Cedeplar-UFMG)

  • Gustavo Britto

    (Cedeplar-UFMG)

Abstract

This research analyses, from a Post-Kaleckian perspective, the interactions among the aggregate demand, the real exchange rate, productivity and real wages in the Brazilian economy from 1960 to 2011. It adopts the longstanding perspective that demand is the driver of capital accumulation and economic growth. The research comprises the following steps: i) a critical assessment of the growth regime literature, with a particular emphasis on issues related to productivity and the real exchange rate; ii) understanding the relationship between the real exchange rate and the productivity and growth regimes; iii) proposing a theoretical model that relates the real exchange rate, productivity and the growth regime; and iv) an empirical test of the interaction between the real exchange rate, productivity and the growth regime. Theoretically the study develops a model showing the interactions between the aggregate demand, the real exchange rate, productivity and real wages. Furthermore, this research attempts to address the lack of theoretical and empirical studies about the relationship between the aggregate demand, the real exchange rate, productivity and real wages.

Suggested Citation

  • Douglas Alcantara Alencar & Frederico Gonzaga Jayme Jr. & Gustavo Britto, 2018. "Productivity, the real exchange rate and the aggregate demand: an empirical exercise applied to brazil from 1960 to 2011," Textos para Discussão Cedeplar-UFMG 588, Cedeplar, Universidade Federal de Minas Gerais.
    • Handle: RePEc:cdp:texdis:td588
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    File URL: https://www.cedeplar.ufmg.br/pesquisas/td/TD%20588.pdf
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    Cited by:

    1. Cunha, André Moreira & Lélis, Marcos Tadeu Caputi & Haines, Andrés Ernesto Ferrari & Franke, Luciane, 2023. "Exports of manufactured goods and structural change: Brazil in the face of Chinese competition," Structural Change and Economic Dynamics, Elsevier, vol. 64(C), pages 1-12.
    2. Philip Arestis, 2020. "Productivity and inequality in the UK: a political economy perspective," Review of Evolutionary Political Economy, Springer, vol. 1(2), pages 183-197, August.
    3. Doré, Natalia I. & Teixeira, Aurora A.C., 2023. "The role of human capital, structural change, and institutional quality on Brazil's economic growth over the last two hundred years (1822–2019)," Structural Change and Economic Dynamics, Elsevier, vol. 66(C), pages 1-12.

    More about this item

    Keywords

    Post-Kaleckian; aggregate demand; real exchange rate; productivity; real wages.;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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