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'private demand boom' economies before the crisis, the US, the UK, and Spain, the 'export-led mercantilist' economies Germany …
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Empirical research based on the Bhaduri/Marglin-variant of the Kaleckian model has recently shown that aggregate demand in many medium-sized and large open economies tends to be wage-led in the medium to long run, even in a period of increasing globalisation. In this paper we extend this type of...
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