Carles Manera, F. Navinés, José A. Pérez-Montiel, Javier Franconetti
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引用次数: 2
Abstract
Abstract We argue that in the US there is a causal relationship running unidirectionally from negative shocks in capital productivity to negative variations in the wage share. We sustain that, faced with a capital productivity decrease, the US firm sector pushes wages down to maximize the rate of profit. Through asymmetric SVAR techniques that are robust to endogeneity and structural breaks; we show that decreases in capital productivity unidirectionally cause decreases in the wage share. We offer some possible explanations for that.
期刊介绍：
The Journal of Post Keynesian Economics is a scholarly journal of innovative theoretical and empirical work that sheds fresh light on contemporary economic problems. It is committed to the principle that cumulative development of economic theory is only possible when the theory is continuously subjected to scrutiny in terms of its ability both to explain the real world and to provide a reliable guide to public policy.
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