Demand effects of the falling wage share in Austria

被引：12

作者：

Stockhammer E. ^{[1
]}

Ederer S. ^{[2
]}

机构：

[1] Institut für Geld- u. Fiskalpolitik, Wirtschaftuniversität Wien, Vienna 1090

[2] Österreichisches Institut für Wirtschaftsforschung, Wien 1103

来源：

Empirica | 2008年 / 35卷 / 5期

关键词：

Consumption; Demand; Distribution; Foreign trade; Investment; Keynesian economics; Macroeconomics;

D O I：

10.1007/s10663-008-9069-0

中图分类号：

学科分类号：

摘要：

This paper aims at empirically estimating the demand effects of changes in functional income distribution for Austria. Based on a Post-Kaleckian macro model, this paper estimates the effects of a change in the wage share on the main demand aggregates. The results for the behavioral functions for consumption, investment, prices, exports and imports are compared with the specifications of the WIFO macro model and the IHS macro model. A reduction in the wage share has a restrictive effect on domestic demand as consumption decreases more strongly than investment increases. Because of the strong effects on net exports the overall effects of a decrease in the wage share are expansionary. However the latter effect operates only as far as the fall in the wage share increases competitiveness. As wage shares were also falling in Austria's main trading partners, the effect seems to have been neutralized. © Springer Science+Business Media, LLC. 2008.

引用

页码：481 / 502

页数：21

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