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Funktionale Einkommensverteilung und aggregierte Nachfrage im Euro-Raum

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  • Engelbert Stockhammer

Abstract

Rein theoretisch lässt sich die Frage, welche Effekte eine Erhöhung der Lohnquote auf die aggregierte Nachfrage hat, nicht eindeutig beantworten, da es sowohl positive als auch negative Effekte gibt. Auf die privaten Konsumausgaben hat sie einen positiven Effekt, da BezieherInnen von Lohneinkommen eine höhere Konsumneigung haben als BezieherInnen von Kapitaleinkommen. Auf die (privaten) Anlageinvestitionen hat sie negative Auswirkungen, da diese positiv von den Gewinnen abhängen. Auf die Nettoexporte hat eine Erhöhung der Lohnquote ebenfalls einen negativen Einfluss, da mit der Lohnquote auch die Lohnstückkosten steigen und daher die preisliche Konkurrenzfähigkeit sinkt. Die Frage wurde für den Euro-Raum empirisch untersucht. Die ökonometrische Untersuchung ergibt folgendes Bild: Der Euro-Raum stellt insgesamt ein klar lohngetriebenes Nachfrageregime dar. Eine Erhöhung der Lohnquote um einen Prozentpunkt führt zu einer Erhöhung der Nachfrage um 0,2 Prozentpunkte des BIP. Europaweite Lohnzurückhaltung hat daher kontraktive Nachfrageeffekte. Zur Stabilisierung der Lohnquote werden Lohnkoordination und eine produktivitätsorientierte Lohnpolitik empfohlen.

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  • Engelbert Stockhammer, 2007. "Funktionale Einkommensverteilung und aggregierte Nachfrage im Euro-Raum," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 33(2), pages 175-198.
    • Handle: RePEc:clr:wugarc:y:2007v:33i:2p:175
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    1. Rafael Wildauer & Engelbert Stockhammer, 2015. "Schuldengetriebenes Wachstum - Nachfrageffekte von Ungleichheit, Vermögenspreisen und Haushaltsverschuldung," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 41(4), pages 497-518.
    2. Georg Feigl & Josef Zuckerstätter, 2012. "Wettbewerbs(des)orientierung," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 117, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    3. Eckhard Hein & Lena Vogel, 2007. "Distribution and growth reconsidered - empirical results for Austria, France, Germany, the Netherlands, the UK and the USA," IMK Working Paper 03-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Georg Feigl & Sepp Zuckerstätter, 2013. "Wettbewerbs(des)orientierung. WWWforEurope Policy Paper Nr. 2," WIFO Studies, WIFO, number 46674, Juni.

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