The finance-dominated growth regime, distribution, and aggregate demand in the US

Ozlem Onaran, Engelbert Stockhammer and Lukas Grafl ()
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Lukas Grafl: Department of Economics, Vienna University of Economics & B.A.

Department of Economics Working Papers from Vienna University of Economics and Business, Department of Economics

Abstract: The finance-dominated growth regime has affected key macroeconomic variables in several contradictory ways. This paper investigates some of these effects: an increase of rentiers income, housing wealth and net financial wealth on private consumption expenditures and the effects of changes in payments to the rentier by the business on private investment expenditures. A Post-Kaleckian macro model is used as a starting point for this investigation. The paper thus contributes to two debates. First, it aims at clarifying some important macroeconomic effects of financialization. Second, it extends the analysis of distribution-led demand regimes by controlling for financialization variables.

JEL-codes: E12 E20 E22 E25 E61 (search for similar items in EconPapers)
Date: 2009-02
New Economics Papers: this item is included in nep-mac and nep-pke
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Citations: View citations in EconPapers (7)

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Working Paper: The finance-dominated growth regime, distribution, and aggregate demand in the US (2009)
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