Reconsidering the Dynamic Interaction between Real Wages and Macroeconomic Activity

In this paper we investigate the role and the feedback structure of income distribution in the macro-dynamics of the U.S. economy after World War II. Among other things we analyze both theoretically and empirically the influence of job insiders on wage determination. Furthermore, by means of system GMM estimation we find empirical evidence of a negative dependence of the goods market dynamics on the development of functional income distribution in the U.S. economy.

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Year of publication:	2011
Authors:	Diallo, Mamadou Bobo ; Flaschel, Peter ; Krolzig, Hans-Martin ; Proano, Christian R.
Published in:	Research in World Economy. - Research in World Economy, Sciedu Press. - Vol. 2.2011, 1, p. 77-93
Publisher:	Research in World Economy, Sciedu Press
Subject:	Distributive Cycles \| Macroeconomic Dynamics \| Labor Markets

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Extent:	application/pdf text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011267308