We explore four decades of cyclical and long-run dynamics in income distribution and economic activity for a panel of thirteen OECD countries. Based on predator-prey dynamics, we find that the business cycle is weakly profit-led , and that the long-run equilibrium has been shifting towards a...

We explore four decades of cyclical and long-run dynamics in income distribution and economic activity for a panel of thirteen OECD countries, as measured by the wage share and the output gap. When modeled as a Goodwin model, our results suggest that economic activity is weakly profit-led and...

The foundation of the accepted theory on two-part tariffs is the partial equilibrium analysis first developed by Oi (1971). He argues that the profit maximum obtains from a lump-sum payment (equal to the consumer surplus) plus a unit price (equal to marginal cost), and that the resulting...

Using the Kuznets' inverted-U-shaped association as a structural constraint, we model the social tradeoff between changing inequality and changing income. Observed outcomes are thought of as attempts to find a constrained political-economic optimum. This model implies estimates of the parameters...

In the new Keynesian model of endogenous stabilization governments have objectives with respect to macroeconomic performance, but are constrained by an augmented Phillips curve. We develop an econometric characterization of the political-economic equilibrium using the Kalman filter to model the...

This study uses a production function approach to identify the impact of student, parent, teacher, and school policy variables on student performance as measured by test scores. Our statistical analysis is conducted in a comparative institutional context that includes government, private, and...