Cycles of demand and distribution and monetary policy in the U.S. economy

Rezai A (2013). Cycles of demand and distribution and monetary policy in the U.S. economy. Journal of Post Keynesian Economics 36 (2): 231-250. DOI:10.2753/PKE0160-3477360203.

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Abstract

The role of monetary policy in the cyclical behavior of the labor share and capacity utilization in the U.S. economy is studied empirically. Previous estimation results remain robust; the inclusion of the rate of interest does not alter the underlying specification of the distributive demand regime. The role of monetary policy in net borrowing flows for four institutional sectors is analyzed. Interest rate effects appear most important for households. Based on this finding, implications for countercyclical stabilization policy are spelled out.

Item Type: Article
Uncontrolled Keywords: Effective demand; Income distribution; Monetary policy; Structuralist macroeconomics
Research Programs: Risk, Policy and Vulnerability (RPV)
Risk & Resilience (RISK)
Bibliographic Reference: Journal of Post Keynesian Economics; 36(2):231-250 (Winter 2013-14)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 08:48
Last Modified: 04 Apr 2016 10:15
URI: http://pure.iiasa.ac.at/10287

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