Reconsidering The Investment-Profit Nexus In Finance-Led Economies: An Ardl-Based Approach
A Post-Keynesian growth model is developed, in which financial variables are explicitly taken into account. Variants of an investment function are estimated econometrically, applying the ARDL (auto-regressive distributed lag)-based approach proposed by Pesaran et al. (Journal of Applied Econometrics, 16 (3), pp. 289-326). The econometric results are discussed with respect to a remarkable phenomenon that can be observed for some important OECD countries since the early 1980s: accumulation has generally been declining while profit shares and rates have shown a tendency to rise. We concentrate on one potential explanation of this phenomenon, which is particularly relevant for the USA and relies on a high propensity to consume out of capital income. Copyright © 2008 The Author. Journal compilation © 2008 Blackwell Publishing Ltd.
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Volume (Year): 59 (2008)
Issue (Month): 3 (07)
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- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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