Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model

With the important contribution of Marglin and Bhaduri different demand and growth regimes were identified, which inspired a strand of empirical research aiming to uncover the type of growth regime. Most of these studies can be framed into two methodological approaches: (i) a structural, and (ii) an...

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Autores principales: Byrialsen, Mikael Randrup, Valdecantos, Sebastián, Raza, Hamid, Laurentjoye, Thibault
Formato: Artículo publishedVersion
Lenguaje:Inglés
Publicado: Taylor and Francis 2024
Materias:
Modelo de Crecimiento
Demanda
Modelo de Flujos y Stocks Consistentes
Acceso en línea:https://nulan.mdp.edu.ar/id/eprint/4307/
https://nulan.mdp.edu.ar/id/eprint/4307/1/byrialsen-etal-2024.pdf
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Nulan - Fac.Cs.Económicas (UNMdP) de Universidad Nacional de Mar del Plata (UNMdP)
id I29-R135-4307
record_format dspace
spelling I29-R135-43072025-05-14T13:01:56Z Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model Byrialsen, Mikael Randrup Valdecantos, Sebastián Raza, Hamid Laurentjoye, Thibault With the important contribution of Marglin and Bhaduri different demand and growth regimes were identified, which inspired a strand of empirical research aiming to uncover the type of growth regime. Most of these studies can be framed into two methodological approaches: (i) a structural, and (ii) an aggregative approach. In this paper, we use a third approach where we exploit the advantages of the stock-flow consistent framework. We argue that using an empirical SFC model retains the advantages of the two more widely used approaches, while adding some novel features: (i) the endogenization of income distribution, which allows for a two-way relationship between demand and income shares, (ii) the consistent incorporation of stock variables in the estimation of the equations of aggregate demand components, and (iii) the inclusion of endogenous labor market dynamics in the analysis. To introduce these features, we build an empirical stock-flow consistent model for Denmark for the period 2005q1-2020q1. Our analysis suggests that demand can neither be categorically defined as wage-led nor profit-led, as the effects of a change in income distribution on the aggregate demand components cancel each other out. Results are more conclusive for capital accumulation, which is found to be profit-led. Taylor and Francis 2024-06-13 https://nulan.mdp.edu.ar/id/eprint/4307/ application/pdf eng https://nulan.mdp.edu.ar/id/eprint/4307/1/byrialsen-etal-2024.pdf Journal of Post Keynesian Economics, 47(4), 766-794. ISSN 1557-7821. 10.1080/01603477.2024.2355452 <https://doi.org/10.1080/01603477.2024.2355452> Dinamarca info:eu-repo/semantics/altIdentifier/doi/10.1080/01603477.2024.2355452 info:eu-repo/semantics/article info:ar-repo/semantics/artículo info:eu-repo/semantics/publishedVersion Fil: Byrialsen Randrup, Mikael. Aalborg University. MaMTEP. Aalborg University Business School; Denmark. Fil: Valdecantos, Sebastián. Aalborg University. MaMTEP. Aalborg University Business School; Denmark. Fil: Raza, Hamid. Aalborg University. MaMTEP. Aalborg University Business School; Denmark. Fil: Laurentjoye, Thibault. Aalborg University. MaMTEP. Aalborg University Business School; Denmark. Modelo de Crecimiento Demanda Modelo de Flujos y Stocks Consistentes info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by/4.0/deed.es
institution Universidad Nacional de Mar del Plata (UNMdP)
institution_str I-29
repository_str R-135
collection Nulan - Fac.Cs.Económicas (UNMdP)
language Inglés
orig_language_str_mv eng
topic Modelo de Crecimiento
Demanda
Modelo de Flujos y Stocks Consistentes
spellingShingle Modelo de Crecimiento
Demanda
Modelo de Flujos y Stocks Consistentes
Byrialsen, Mikael Randrup
Valdecantos, Sebastián
Raza, Hamid
Laurentjoye, Thibault
Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
topic_facet Modelo de Crecimiento
Demanda
Modelo de Flujos y Stocks Consistentes
description With the important contribution of Marglin and Bhaduri different demand and growth regimes were identified, which inspired a strand of empirical research aiming to uncover the type of growth regime. Most of these studies can be framed into two methodological approaches: (i) a structural, and (ii) an aggregative approach. In this paper, we use a third approach where we exploit the advantages of the stock-flow consistent framework. We argue that using an empirical SFC model retains the advantages of the two more widely used approaches, while adding some novel features: (i) the endogenization of income distribution, which allows for a two-way relationship between demand and income shares, (ii) the consistent incorporation of stock variables in the estimation of the equations of aggregate demand components, and (iii) the inclusion of endogenous labor market dynamics in the analysis. To introduce these features, we build an empirical stock-flow consistent model for Denmark for the period 2005q1-2020q1. Our analysis suggests that demand can neither be categorically defined as wage-led nor profit-led, as the effects of a change in income distribution on the aggregate demand components cancel each other out. Results are more conclusive for capital accumulation, which is found to be profit-led.
format Artículo
Artículo
publishedVersion
author Byrialsen, Mikael Randrup
Valdecantos, Sebastián
Raza, Hamid
Laurentjoye, Thibault
author_facet Byrialsen, Mikael Randrup
Valdecantos, Sebastián
Raza, Hamid
Laurentjoye, Thibault
author_sort Byrialsen, Mikael Randrup
title Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_short Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_full Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_fullStr Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_full_unstemmed Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_sort functional income distribution, effective demand and wealth in denmark - insights from an empirical stock-flow consistent model
publisher Taylor and Francis
publishDate 2024
url https://nulan.mdp.edu.ar/id/eprint/4307/
https://nulan.mdp.edu.ar/id/eprint/4307/1/byrialsen-etal-2024.pdf
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