Metroeconomica最新文献

This paper works out a demand-led growth model that draws on the Kaleckian-Steindlian tradition to examine the relationships between income distribution, capacity utilization, and capital accumulation; on Goodwin-type growth cycle models to investigate the dynamic interaction between labour market and distributive conflict; and on the induced innovation literature to link labour productivity growth to income distribution. We find that: (i) an increase in the labour share driven by stronger workers' bargaining power leads to faster capital accumulation and labour productivity growth in the long run, irrespective of the short-run growth regime of the economy; (ii) a positive institutional shock to the labour share can either increase or decrease the long-run employment rate, depending on the short-run growth regime; and (iii) an increase in the labour share driven by negative technology shocks leads to faster capital accumulation and labour productivity growth in the long run only if the economy exhibits a short-run wage-led regime. This model then unifies classical/neo-Goodwinian and Kaleckian views on the long-run relationships between the labour share, employment, and growth within a more general Kaleckian framework of a labour-constrained economy with induced technical change.

We develop a three-dimensional Kaleckian growth model that incorporates public capital, labour productivity growth, and government debt accumulation, and present three main findings. First, a positive labour productivity growth rate and the Domar condition are essential for a stable, steady state. Second, a proactive fiscal stance promotes economic growth and capital composition. Finally, in the wage-led growth regime, a pro-labour income distribution boosts economic growth and capital composition while reducing the government debt ratio, whereas in the profit-led growth regime, a pro-capital income distribution increases economic growth, capital composition, and the government debt ratio.

This paper investigates the relationship between economic growth and the degree of fundedness of a social security system in an overlapping generations model with family altruism. It is shown that the relationship between the degree of fundedness and economic growth is inverted U-shaped so that a gradual increase in funding may harm growth if bequests are not operative within the family. Our findings put some caution on the conventional view that a higher degree of funded social security is beneficial for growth.

This paper considers Global Value Chains by developing an open Leontief input-output model for which household consumption is endogenously determined—the Type II framework. Three specific contributions are: an extension of the Type II input-output model to a multi-country setting; its empirical modelling using trade-linked input-output tables; and a Brazil case study for exploring how the industrial structure of export linkages impact on employment. Policy dilemmas that emerge for Brazil's industrial strategy focus on its heavy reliance on primary-based industries, and how it might diversify its trading partners.

We empirically explore the role of monetary and distribution shocks on semi-autonomous demand under a supermultiplier framework. We use quarterly data for the United States from 1968 to 2022 and apply a SVAR model to investigate the effect of changes in financial and distributive variables on autonomous expenditure. We find that: (i) the federal funds rate has a negative and statistically significant effect on autonomous expenditure; (ii) a positive shock in the wage share (WS) has a negative effect on non-revolving consumer credit (CC) and a transitory positive effect on induced consumption; (iii) a positive shock in aggregated autonomous demand has a positive, persistent, and significant effect on induced consumption and, output, as well as on the adjusted WS; (iv) a positive shock in private residential investment has a positive, persistent and statistically significant effect on other autonomous components of demand and output; (v) while residential investment positively influences CC and durable consumption, the inverse does not hold.

A generalized version of the classical model of the firm under risk is proposed in order evaluate the effects of an increase in price risk on a firm's production choices where background risk is present. It is shown theoretically that in this setting, these effects are ambiguous. This purely analytical result is then tested empirically using survey data on manufacturing firms in Chile. The results indicate that an increase in price risk induces greater production levels across the entire sample, thus revealing the presence of a precautionary effect. When the sample is divided on the basis of firm size, however, evidence of significant heterogeneous effects is found. While larger firms exhibit a precautionary effect, smaller firms display a strong substitution effect that prompts them to reduce output levels.

We re-examine the concept of involuntary and frictional unemployment and the neutrality of money in a statistical equilibrium model of the labor market in which boundedly rational workers' and employers' interactions have a non-zero impact on wages. From this perspective both the degree of involuntary unemployment and the neutrality of money depend on the adjustment of both expectations of the average level of wages and prices and the further adjustment of anticipations of the scale of fluctuations in prices and wage offers. Shocks to the economy can produce new long-run equilibrium levels of unemployment and short-run increases in involuntary unemployment arising from unevenness in the adjustment of expectations.

This study examines the glass ceiling and sticky floor phenomena within the contexts of both the public and private sectors in Türkiye, while exploring sector-specific differences. To do this, we use a recentered influence function-based decomposition method to analyze data from the Household Labor Force Statistics spanning from 2014 to 2021. Our findings suggest that the sticky floor effect emerges as more prominent in the private sector, contrasting with the public sector where the glass ceiling effect holds greater sway. Additionally, our analysis reveals that gender discrimination appears to be more prevalent in the private sector, although it exhibits an increasing trend in the public sector. The evidence suggests a need for further research on the gender wage gap in Türkiye, especially within the context of the glass ceiling and sticky floor effects. This study contributes to the existing literature by offering a comprehensive examination of these phenomena in both public and private sectors, leveraging the availability of recent data and advancements in methodologies.

We develop a simple model to study the comparative statics of worker-managed (WM) and capital-managed (CM) app-based labor platforms. The model assumes that algorithmic management makes free-riding and collective decision-making costs negligible and highlights different pay policies as the distinctive feature differentiating WM and CM platforms, in an environment where workers are financially constrained and capital markets are imperfect. With very simple algebra, we show that WM platforms may show greater cost efficiency and may be better able to benefit from network effects with respect to CM competitors. Yet, viability of WM firms may be critically impeded by the extra-cost of the external capital, which enables CM platforms to pay a wage premium. The optimal pay policy of CM platforms is shown to vary depending on the intensity of network effects. Reported anecdotal evidence is compatible with main model's results.