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- Engelbert Stockhammer & Karsten Kohler (2019): Financialization and demand regimes in advanced economies
In this article, we analyze the implications of financialization for domestic demand formation by linking the concept of financialization to the post-Keynesian analysis of demand regimes. We examine how the financialization of households in advanced economies gave rise to distinct but interdependent demand regimes. ... Northern Europe, in contrast, relied on an export-driven demand regime with a weaker role for financialization. The export-driven demand regime relies on the financialization of southern Europe and the Anglo-Saxon countries, which helped create export demand for northern Europe. We argue that this constellation of demand regimes gives rise to divergent economic performance and macroeconomic instability.
RePEc:pke:wpaper:pkwp1911 Save to MyIDEAS - Di Bartolomeo Giovanni & Rossi Lorenza (2007): Heterogeneous consumers, demand regimes, monetary policy and equilibrium determinacy
We show that two-demand regimes can emerge (according to the “slope” of IS curve) and that the main unconventional results, stressed by recent literature, only hold in the unconventional case of an IS curve positively sloped.
RePEc:ter:wpaper:0024 Save to MyIDEAS - Di Bartolomeo, Giovanni & Rossi, Lorenza (2005): Heterogeneous Consumers, Demand Regimes, Monetary Policy and Equilibrium Determinacy
We show that two-demand regimes can emerge (according to the “slope” of IS curve) and that the main unconventional results, stressed by recent literature, only hold in the unconventional case of an IS curve positively sloped.
RePEc:pra:mprapa:5100 Save to MyIDEAS - Engelbert Stockhammer & Joel Rabinovich & Niall Reddy (2018): Distribution, wealth and demand regimes in historical perspective
We contribute to the post-Keynesian debate on the nature of demand regimes, mainstream analyses of wealth effects and the financialisation debate. We find that overall domestic demand has been wage-led in the USA, UK and Germany.
RePEc:imk:fmmpap:14-2018 Save to MyIDEAS - Lorenzo Tonni (2023): Personal income distribution and the endogeneity of the demand regime
This paper deals with two intrinsically linked issues: the endogeneity of the demand regime and the personal distribution impact on aggregate demand. By assuming that saving is a function of personal rather than functional income distribution, an increase of the labour share is effective in boosting consumption and aggregate demand, not per se, but only as long as it reduces personal inequality. As the labour share increases, both the demand regime type—the sign of the slope of the demand schedule—and its strength—the size of the slope of the demand schedule - can endogenously change. Concerning the former, there can be a threshold value for the wage share beyond which there is a shift from wage-led to profit-led demand. The analysis shows that, unlike most Kaleckian models, profit inequality is just as important as wage inequality in determining the demand regime type and its strength.
RePEc:oup:cambje:v:47:y:2023:i:2:p:409-434. Save to MyIDEAS - Lorenzo Tonni (2021): Personal income distribution and the endogeneity of the demand regime
This paper deals with two intrinsically linked issues: the endogeneity of the demand regime and the personal distribution impact on aggregate demand. ... By assuming that saving is a function of personal rather than functional income distribution, an increase of the labour share is e ective in boosting consumption and aggregate demand, not per se, but only as long as it reduces personal inequality. As the labour share increases, depending on the distribution of wages and profits, both the demand regime type { the sign of the slope of the demand schedule - and its strength- the size of the slope of the demand schedule - can endogenously change. Con- cerning the former, there can be a threshold value for the wage share beyond which there is a shift from wage-led to profit-led demand. The analysis shows that, unlike most Kaleckian models, profit inequality is just as important as wage inequality in determining the demand regime type and its strength.
RePEc:saq:wpaper:9/21 Save to MyIDEAS - Tonni, Lorenzo (2021): Personal income distribution and the endogeneity of the demand regime
This paper deals with two intrinsically linked issues: the endogeneity of the demand regime and the personal distribution impact on aggregate demand. ... By assuming that saving is a function of personal rather than functional income distribution, an increase of the labour share is effective in boosting consumption and aggregate demand, not per se, but only as long as it reduces personal inequality. As the labour share increases, depending on the distribution of wages and profits, both the demand regime type – the sign of the slope of the demand schedule - and its strength- the size of the slope of the demand schedule - can endogenously change. Concerning the former, there can be a threshold value for the wage share beyond which there is a shift from wage-led to profit-led demand. The analysis shows that, unlike most Kaleckian models, profit inequality is just as important as wage inequality in determining the demand regime type and its strength.
RePEc:pra:mprapa:108298 Save to MyIDEAS - Tonni, Lorenzo (2021): Personal income distribution and the endogeneity of the demand regime
This paper deals with two intrinsically linked issues: the endogeneity of the demand regime and the personal distribution impact on aggregate demand. ... By assuming that saving is a function of personal rather than functional income distribution, an increase of the labour share is effective in boosting consumption and aggregate demand, not per se, but only as long as it reduces personal inequality. As the labour share increases, depending on the distribution of wages and profits, both the demand regime type – the sign of the slope of the demand schedule - and its strength- the size of the slope of the demand schedule - can endogenously change. Concerning the former, there can be a threshold value for the wage share beyond which there is a shift from wage-led to profit-led demand. The analysis shows that, unlike most Kaleckian models, profit inequality is just as important as wage inequality in determining the demand regime type and its strength.
RePEc:pra:mprapa:114585 Save to MyIDEAS - Giovanni Covi (2021): Trade imbalances within the Euro Area: two regions, two demand regimes
In addition, the empirical evidence shows that the Euro Area is divided into two economic regions representing different demand regimes: a northern region, which is profit-led and a southern region, which is wage-led.
RePEc:kap:empiri:v:48:y:2021:i:1:d:10.1007_s10663-020-09477-3 Save to MyIDEAS - Woodgate, Ryan (2021): Estimating the Irish demand regime given the influence of multinational enterprises
In the Republic of Ireland, the activities of MNEs drive real demand on one level and severely distort conventional national accounts statistics on another. This poses a problem for the valid estimation of the Irish demand regime since key variables such as the wage share of GDP are skewed and strongly correlated with omitted variables that determine some components of demand. This paper summarises the real and distortionary effects of MNEs in Ireland, and then adjusts and controls for these effects as much as possible in an econometric estimation of the underlying Irish demand regime. Both ordinary least squares and three stage least squares estimators are used, the latter as an attempt to deal with the issue of simultaneity bias that confronts all empirical attempts at demand regime estimation. ... This, alongside indicative foreign affiliate statistics, supports the view that Ireland may be "tax competition-led", in the sense implied by Woodgate (2020), where a lower AECTR has a net positive effect on aggregate demand in Ireland (though at the expense of other nations).
RePEc:zbw:ipewps:1542021 Save to MyIDEAS