The Slowdown of Accumulation and the Rise of European Unemployment
The paper aims at testing empirically two Keynesian hypotheses. First that increasing financial investment is one of the major causes for the slowdown in capital accumulation and, second, that this slowdown is one of major factors for rising unemployment rates. After presenting evidence from the National Accounts for the rising importance of dividend and interest income, econometric tests are performed for Germany, France, UK and the USA, and for the employment regressions, additionally for Italy. The choice of countries being determined by the interest in European unemployment and limited data availability. Overall, the findings are supportive of both hypotheses.
|Date of creation:||Sep 1999|
|Date of revision:|
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- Engelbert Stockhammer, 1999. "Robinsonian and Kaleckian Growth. An Update on Post-Keynesian Growth Theories," Department of Economics Working Papers wuwp067, Vienna University of Economics and Business, Department of Economics.
- Olivier Jean Blanchard, 1988.
"Unemployment: Getting the Questions Right - and some of the answers,"
NBER Working Papers
2698, National Bureau of Economic Research, Inc.
- Olivier Jean Blanchard, 1988. "Unemployment: Getting the Questions Right--and Some of the Answers," Working papers 502, Massachusetts Institute of Technology (MIT), Department of Economics.
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