Secular Stagnation and Income Distribution Dynamics

Autor:	David Kiefer, Rudiger von Arnim, Ivan Mendieta-Muñoz, Codrina Rada
Rok vydání:	2020
Předmět:	Economics and Econometrics 050208 finance 05 social sciences Measure (physics) Economic stagnation Philosophy Specification Income distribution 0502 economics and business Economics Econometrics Capacity utilization Wage share 050207 economics Potential output
Zdroj:	Review of Radical Political Economics. 52:189-207
ISSN:	1552-8502 0486-6134
DOI:	10.1177/0486613419895143
Popis:	This paper contributes to the literature on secular stagnation by estimating a measure of potential output growth for the post-war US economy derived from a novel model specification that allows for the cyclical interactions between income distribution, represented by the trajectory of the labor share of income, and economic activity, as measured by capacity utilization. The results obtained show that potential output growth exhibits a gradual decline that predates the Great Recession and follows the downward trajectory of the labor share of income, thus suggesting the existence of an important long-run relationship between income distribution and output growth in the United States.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::8e4e3e102cb9e4ec20ed29068200b0a0 https://doi.org/10.1177/0486613419895143 Zobrazit plný text záznamu