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Cyclical patterns of employment, utilization, and profitability

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  • Ben Zipperer
  • Peter Skott

Abstract

The interaction between income distribution, accumulation, employment, and the utilization of capital is central to macroeconomic models in the "heterodox" tradition. This article examines the stylized pattern of these variables using U.S. data for the period after 1948. We look at the trends and cycles in individual time series and examine the bivariate cyclical patterns among the variables.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 34 (2011)
Issue (Month): 1 (October)
Pages: 25-58

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Handle: RePEc:mes:postke:v:34:y:2011:i:1:p:25-58

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: aggregate demand; business cycles; growth; income distribution; instability; investment function; pricing; utilization rate;

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References

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  1. Nelson H. Barbosa-Filho & Lance Taylor, 2006. "Distributive And Demand Cycles In The Us Economy-A Structuralist Goodwin Model," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 389-411, 07.
  2. Matthew D. Shapiro, 1989. "Assessing the Federal Reserve's Measures of Capacity and Utilization," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1), pages 181-242.
  3. John Schmitt & Dean Baker, 2006. "Missing Inaction: Evidence of Undercounting of Non-Workers in the Current Population Survey," CEPR Reports and Issue Briefs 2006-03, Center for Economic and Policy Research (CEPR).
  4. Peter Skott & Ben Zipperer, 2012. "An empirical evaluation of three post-Keynesian models," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 9(2), pages 277-307.
  5. Morten O. Ravn & Harald Uhlig, 2002. "On adjusting the Hodrick-Prescott filter for the frequency of observations," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 371-375.
  6. Mohun, Simon & Veneziani, Roberto, 2006. "Goodwin cycles and the U.S. economy, 1948-2004," MPRA Paper 30444, University Library of Munich, Germany.
  7. Skott,Peter, 2008. "Conflict and Effective Demand in Economic Growth," Cambridge Books, Cambridge University Press, number 9780521066310, October.
  8. Carol Corrado & Joe Mattey, 1997. "Capacity Utilization," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 151-167, Winter.
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Cited by:
  1. Hiroaki Sasaki, 2013. "Cyclical growth in a Goodwin–Kalecki–Marx model," Journal of Economics, Springer, vol. 108(2), pages 145-171, March.
  2. Michalis Nikiforos, 2013. "Uncertainty and Contradiction: An Essay on the Business Cycle," Economics Working Paper Archive wp_770, Levy Economics Institute.

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