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Class Struggle and Economic Flactuations: VAR Analysis of the post-War U.S. Economy

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  • Deepankar Basu

    ()
    (Universty of Massachusetts)

  • Ying Chen

    ()
    (University of Massachusetts-Amherst)

  • Jong-seok Oh

    ()
    (University of Massachusetts-Amherst)

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    Abstract

    Building on Marx’s insights in Chapter 25, Volume I of Capital, an augmented version of the cyclical profit squeeze (CPS) theory offers a plausible explanation of macroeconomic fluctuations under capitalism. The pattern of dynamic interactions that emerges from a 3-variable (profit share, unemployment rate and nonresidential fixed investment) vector autoregression estimated with quarterly data for the postwar U.S. economy is consistent with the CPS theory for the regulated (1949Q1–1975Q1) as well as for the neoliberal periods (starting in 1980 or in 1985). Hence, the CPS mechanism seems to be in operation even under neoliberalism. JEL Categories: B51; C22

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    Bibliographic Info

    Paper provided by University of Massachusetts Amherst, Department of Economics in its series UMASS Amherst Economics Working Papers with number 2012-02.

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    Date of creation: Feb 2012
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    Handle: RePEc:ums:papers:2012-02

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    Keywords: cyclical profit squeeze; vector autoregression;

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    1. Dumenil, Gerard & Levy, Dominique, 2003. "Technology and distribution: historical trajectories a la Marx," Journal of Economic Behavior & Organization, Elsevier, vol. 52(2), pages 201-233, October.
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    1. Marx was right
      by chris dillow in Stumbling and Mumbling on 2012-03-20 14:15:21

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