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Accumulation, distribution and employment: a structural VAR approach to a post-Keynesian macro model

Author

Listed:
  • Engelbert Stockhammer

    (Department of Economics, Vienna University of Economics & B.A.)

  • Özlem Onaran

    (Department of Economics, Istanbul Technical University)

Abstract

The paper investigates the relation between effective demand, income distribution and unemployment empirically. Its aim is to evaluate Keynesian, Kaldorian and neoclassical hypotheses about the determination of labor market variables. To do so, a vector autoregression model consisting of capital accumulation, capacity utilization, the profit share, unemployment and the growth of labor productivity is estimated. A general post-Keynesian model following the lines of Kalecki and Kaldor is presented and provides the specification for a structural VAR. The model is estimated for the USA, UK and France.

Suggested Citation

  • Engelbert Stockhammer & Özlem Onaran, 2002. "Accumulation, distribution and employment: a structural VAR approach to a post-Keynesian macro model," Working Papers geewp20, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
    • Handle: RePEc:wiw:wiwgee:geewp20
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    Citations

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    Cited by:

    1. Eckhard Hein & Christian Schoder, 2011. "Interest rates, distribution and capital accumulation -- A post-Kaleckian perspective on the US and Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(6), pages 693-723, November.
    2. Eckhard Hein & Lena Vogel, 2007. "Distribution and growth reconsidered - empirical results for Austria, France, Germany, the Netherlands, the UK and the USA," IMK Working Paper 03-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    3. Christian Schoder, 2012. "Instability, stationary utilization and effective demand: A synthesis of Harrodian and Kaleckian growth theory," IMK Working Paper 104-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Chaiechi, Taha, 2012. "Financial development shocks and contemporaneous feedback effect on key macroeconomic indicators: A post Keynesian time series analysis," Economic Modelling, Elsevier, vol. 29(2), pages 487-501.
    5. Oscar Andrés Espinosa Acuna & Paola Andrea Vaca González, 2014. "Causas del desempleo en Colombia en el siglo XXI: Evidencia a partir de un modelo var-x cointegrado," Revista de Economía del Caribe 14770, Universidad del Norte.

    More about this item

    Keywords

    Keynesian economics; macroeconomics; capital accumulation; distribution; unemployment; structural vectorautoregression;
    All these keywords.

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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