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Monetary policy and macroeconomic stability under alternative demand regimes

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  • Christian R. Proaño
  • Peter Flaschel
  • Hans-Martin Krolzig
  • Mamadou Bobo Diallo

Abstract

In this paper we analyse the interaction of macroeconomic activity and the dynamics of real wages from a theoretical perspective. By means of a system-dynamic approach we investigate the economic viability of wage- and profit-led demand regimes by analysing not only the effect of real wages on output, but also the feedback mechanisms of macroeconomic activity on the real wages. Furthermore, in this context, we focus on the role of monetary policy as a macroeconomic stabilisation mechanism in the two mentioned demand regimes. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cje/beq031
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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 35 (2011)
Issue (Month): 3 ()
Pages: 569-585

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Handle: RePEc:oup:cambje:v:35:y:2011:i:3:p:569-585

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  1. Chiarella,Carl & Flaschel,Peter, 2000. "The Dynamics of Keynesian Monetary Growth," Cambridge Books, Cambridge University Press, number 9780521643511, October.
  2. Engelbert Stockhammer & �zlem Onaran & Stefan Ederer, 2009. "Functional income distribution and aggregate demand in the Euro area," Cambridge Journal of Economics, Oxford University Press, vol. 33(1), pages 139-159, January.
  3. Flaschel Peter & Franke Reiner & Proaño Christian R., 2008. "On Equilibrium Determinacy in New Keynesian Models with Staggered Wage and Price Setting," The B.E. Journal of Macroeconomics, De Gruyter, vol. 8(1), pages 1-12, December.
  4. Peter Flaschel & Reiner Franke & Christian Proano, 2008. "On the Determinacy of New Keynesian Models with Staggered Wage and Price Setting," IMK Working Paper 11-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  5. Lawrence F. Katz & Olivier Blanchard, 1999. "Wage Dynamics: Reconciling Theory and Evidence," American Economic Review, American Economic Association, vol. 89(2), pages 69-74, May.
  6. Chiarella,Carl & Flaschel,Peter & Franke,Reiner, 2005. "Foundations for a Disequilibrium Theory of the Business Cycle," Cambridge Books, Cambridge University Press, number 9780521850254, October.
  7. C. W.M. Naastepad & Servaas Storm, 2007. "OECD demand regimes (1960-2000)," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 29(2), pages 211-246, January.
  8. 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.
  9. Stockhammer, Engelbert & Onaran, Ozlem, 2004. "Accumulation, distribution and employment: a structural VAR approach to a Kaleckian macro model," Structural Change and Economic Dynamics, Elsevier, vol. 15(4), pages 421-447, December.
  10. Engelbert Stockhammer, 2000. "Is There an Equilibrium Rate of Unemployment in the Long Run?," Working Papers geewp10, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
  11. Franke, Reiner & Flaschel, Peter & Proano, Christian R., 2006. "Wage-price dynamics and income distribution in a semi-structural Keynes-Goodwin model," Structural Change and Economic Dynamics, Elsevier, vol. 17(4), pages 452-465, December.
  12. Eckhard Hein & Lena Vogel, 2008. "Distribution and growth reconsidered: empirical results for six OECD countries," Cambridge Journal of Economics, Oxford University Press, vol. 32(3), pages 479-511, May.
  13. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
  14. Pu Chen & Carl Chiarella & Peter Flaschel & Willi Semmler, 2006. "Keynesian Macrodynamics and the Phillips Curve. An Estimated Baseline Macromodel for the U.S. Economy," Working Paper Series 147, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
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