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Hansen, Mads R. [VerfasserIn]

Demand regimes and the business-cycle

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  • Medientyp: E-Book
  • Titel: Demand regimes and the business-cycle : feedback effects between capacity utilization and income distribution taking into account overhead labor : SVAR-estimates for Germany (2007 - 2021)
  • Beteiligte: Hansen, Mads R. [VerfasserIn]
  • Erschienen: Berlin: Berlin School of Economics and Law, Institute for International Political Economy Berlin, March 2024
  • Erschienen in: Institute for International Political Economy: Working papers ; 227
  • Umfang: 1 Online-Ressource (circa 34 Seiten)
  • Sprache: Englisch
  • Identifikator:
  • Schlagwörter: Demand Regime ; Aggregate Demand ; Distribution ; Capacity Utilization ; Business Cycle ; SVAR ; Functional Income Distribution ; Overhead Labor ; Germany ; Graue Literatur
  • Entstehung:
  • Anmerkungen:
  • Beschreibung: In this paper, Structural Vector Autoregressive (SVAR) models of quarterly data between 2007 and 2021 are estimated to assess short-term regimes of aggregate demand and distribution in Germany. The obtained Impulse Response Functions (IRFs) of the conventional neo-Goodwinian baseline case, with an aggregate wage-share, are compared to an alternative model, disaggregating the wage-share. The robustness of the results is tested by imposing an alternative post-Kaleckian ordering of (contemporaneous) causation. For the neo-Goodwinian baseline model, a profit-led demand schedule and a pro-cyclical wage-share are found. Disaggregation reveals, however, that the pro-cyclical wage-share is mainly driven by supervisory wages, while positive shocks in the direct wage-share had a stronger (negative) impact on aggregate demand, than the supervisory wage share. Imposing post-Kaleckian restrictions of causation yields a consistent (although weaker) estimate of the demand-regime but reversed distributive regimes: The aggregated wage-share behaves counter-cyclical, with the supervisory wage-share reacting stronger (negative) than the direct wage share, when subject to a positive shock in capacity utilization.
  • Zugangsstatus: Freier Zugang