Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model

Autores
Byrialsen, Mikael Randrup; Valdecantos, Sebastián; Raza, Hamid; Laurentjoye, Thibault
Año de publicación
2024
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
With the important contribution of Marglin and Bhaduri different demand and growth regimes were identified, which inspired a strand of empirical research aiming to uncover the type of growth regime. Most of these studies can be framed into two methodological approaches: (i) a structural, and (ii) an aggregative approach. In this paper, we use a third approach where we exploit the advantages of the stock-flow consistent framework. We argue that using an empirical SFC model retains the advantages of the two more widely used approaches, while adding some novel features: (i) the endogenization of income distribution, which allows for a two-way relationship between demand and income shares, (ii) the consistent incorporation of stock variables in the estimation of the equations of aggregate demand components, and (iii) the inclusion of endogenous labor market dynamics in the analysis. To introduce these features, we build an empirical stock-flow consistent model for Denmark for the period 2005q1-2020q1. Our analysis suggests that demand can neither be categorically defined as wage-led nor profit-led, as the effects of a change in income distribution on the aggregate demand components cancel each other out. Results are more conclusive for capital accumulation, which is found to be profit-led.
Fil: Byrialsen, Mikael Randrup. Aalborg University Business School. MaMTEP; Denmark.
Fil: Valdecantos, Sebastián. Aalborg University. MaMTEP. Aalborg University Business School; Denmark.
Fil: Raza, Hamid. Aalborg University Business School. MaMTEP; Denmark.
Fil: Laurentjoye, Thibault. Aalborg University Business School. MaMTEP; Denmark.
Fuente
Journal of Post Keynesian Economics, 47(4), 766-794. ISSN 1557-7821. 10.1080/01603477.2024.2355452
Materia
Modelo de Crecimiento
Demanda
Modelo de Flujos y Stocks Consistentes
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by/4.0/deed.es
Repositorio
Nülan (UNMDP-FCEyS)
Institución
Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales
OAI Identificador
oai:nulan.mdp.edu.ar:4307

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network_name_str Nülan (UNMDP-FCEyS)
spelling Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent modelByrialsen, Mikael RandrupValdecantos, SebastiánRaza, HamidLaurentjoye, ThibaultModelo de CrecimientoDemandaModelo de Flujos y Stocks ConsistentesWith the important contribution of Marglin and Bhaduri different demand and growth regimes were identified, which inspired a strand of empirical research aiming to uncover the type of growth regime. Most of these studies can be framed into two methodological approaches: (i) a structural, and (ii) an aggregative approach. In this paper, we use a third approach where we exploit the advantages of the stock-flow consistent framework. We argue that using an empirical SFC model retains the advantages of the two more widely used approaches, while adding some novel features: (i) the endogenization of income distribution, which allows for a two-way relationship between demand and income shares, (ii) the consistent incorporation of stock variables in the estimation of the equations of aggregate demand components, and (iii) the inclusion of endogenous labor market dynamics in the analysis. To introduce these features, we build an empirical stock-flow consistent model for Denmark for the period 2005q1-2020q1. Our analysis suggests that demand can neither be categorically defined as wage-led nor profit-led, as the effects of a change in income distribution on the aggregate demand components cancel each other out. Results are more conclusive for capital accumulation, which is found to be profit-led.Fil: Byrialsen, Mikael Randrup. Aalborg University Business School. MaMTEP; Denmark.Fil: Valdecantos, Sebastián. Aalborg University. MaMTEP. Aalborg University Business School; Denmark.Fil: Raza, Hamid. Aalborg University Business School. MaMTEP; Denmark.Fil: Laurentjoye, Thibault. Aalborg University Business School. MaMTEP; Denmark.Taylor and Francis2024-06-13info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfhttps://nulan.mdp.edu.ar/id/eprint/4307/https://nulan.mdp.edu.ar/id/eprint/4307/1/byrialsen-etal-2024.pdf Journal of Post Keynesian Economics, 47(4), 766-794. ISSN 1557-7821. 10.1080/01603477.2024.2355452 <https://doi.org/10.1080/01603477.2024.2355452> reponame:Nülan (UNMDP-FCEyS)instname:Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Socialesenginfo:eu-repo/semantics/altIdentifier/doi/10.1080/01603477.2024.2355452Dinamarcainfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by/4.0/deed.es2025-09-29T13:41:49Zoai:nulan.mdp.edu.ar:4307instacron:UNMDP-FCEySInstitucionalhttp://nulan.mdp.edu.ar/Universidad públicaNo correspondehttp://nulan.mdp.edu.ar/cgi/oai2cendocu@mdp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:18452025-09-29 13:41:49.334Nülan (UNMDP-FCEyS) - Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Socialesfalse
dc.title.none.fl_str_mv Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
spellingShingle Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
Byrialsen, Mikael Randrup
Modelo de Crecimiento
Demanda
Modelo de Flujos y Stocks Consistentes
title_short Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_full Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_fullStr Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_full_unstemmed Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
title_sort Functional income distribution, effective demand and wealth in Denmark - insights from an empirical stock-flow consistent model
dc.creator.none.fl_str_mv Byrialsen, Mikael Randrup
Valdecantos, Sebastián
Raza, Hamid
Laurentjoye, Thibault
author Byrialsen, Mikael Randrup
author_facet Byrialsen, Mikael Randrup
Valdecantos, Sebastián
Raza, Hamid
Laurentjoye, Thibault
author_role author
author2 Valdecantos, Sebastián
Raza, Hamid
Laurentjoye, Thibault
author2_role author
author
author
dc.subject.none.fl_str_mv Modelo de Crecimiento
Demanda
Modelo de Flujos y Stocks Consistentes
topic Modelo de Crecimiento
Demanda
Modelo de Flujos y Stocks Consistentes
dc.description.none.fl_txt_mv With the important contribution of Marglin and Bhaduri different demand and growth regimes were identified, which inspired a strand of empirical research aiming to uncover the type of growth regime. Most of these studies can be framed into two methodological approaches: (i) a structural, and (ii) an aggregative approach. In this paper, we use a third approach where we exploit the advantages of the stock-flow consistent framework. We argue that using an empirical SFC model retains the advantages of the two more widely used approaches, while adding some novel features: (i) the endogenization of income distribution, which allows for a two-way relationship between demand and income shares, (ii) the consistent incorporation of stock variables in the estimation of the equations of aggregate demand components, and (iii) the inclusion of endogenous labor market dynamics in the analysis. To introduce these features, we build an empirical stock-flow consistent model for Denmark for the period 2005q1-2020q1. Our analysis suggests that demand can neither be categorically defined as wage-led nor profit-led, as the effects of a change in income distribution on the aggregate demand components cancel each other out. Results are more conclusive for capital accumulation, which is found to be profit-led.
Fil: Byrialsen, Mikael Randrup. Aalborg University Business School. MaMTEP; Denmark.
Fil: Valdecantos, Sebastián. Aalborg University. MaMTEP. Aalborg University Business School; Denmark.
Fil: Raza, Hamid. Aalborg University Business School. MaMTEP; Denmark.
Fil: Laurentjoye, Thibault. Aalborg University Business School. MaMTEP; Denmark.
description With the important contribution of Marglin and Bhaduri different demand and growth regimes were identified, which inspired a strand of empirical research aiming to uncover the type of growth regime. Most of these studies can be framed into two methodological approaches: (i) a structural, and (ii) an aggregative approach. In this paper, we use a third approach where we exploit the advantages of the stock-flow consistent framework. We argue that using an empirical SFC model retains the advantages of the two more widely used approaches, while adding some novel features: (i) the endogenization of income distribution, which allows for a two-way relationship between demand and income shares, (ii) the consistent incorporation of stock variables in the estimation of the equations of aggregate demand components, and (iii) the inclusion of endogenous labor market dynamics in the analysis. To introduce these features, we build an empirical stock-flow consistent model for Denmark for the period 2005q1-2020q1. Our analysis suggests that demand can neither be categorically defined as wage-led nor profit-led, as the effects of a change in income distribution on the aggregate demand components cancel each other out. Results are more conclusive for capital accumulation, which is found to be profit-led.
publishDate 2024
dc.date.none.fl_str_mv 2024-06-13
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://nulan.mdp.edu.ar/id/eprint/4307/
https://nulan.mdp.edu.ar/id/eprint/4307/1/byrialsen-etal-2024.pdf
url https://nulan.mdp.edu.ar/id/eprint/4307/
https://nulan.mdp.edu.ar/id/eprint/4307/1/byrialsen-etal-2024.pdf
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/doi/10.1080/01603477.2024.2355452
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by/4.0/deed.es
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by/4.0/deed.es
dc.format.none.fl_str_mv application/pdf
dc.coverage.none.fl_str_mv Dinamarca
dc.publisher.none.fl_str_mv Taylor and Francis
publisher.none.fl_str_mv Taylor and Francis
dc.source.none.fl_str_mv Journal of Post Keynesian Economics, 47(4), 766-794. ISSN 1557-7821. 10.1080/01603477.2024.2355452 <https://doi.org/10.1080/01603477.2024.2355452>
reponame:Nülan (UNMDP-FCEyS)
instname:Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales
reponame_str Nülan (UNMDP-FCEyS)
collection Nülan (UNMDP-FCEyS)
instname_str Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales
repository.name.fl_str_mv Nülan (UNMDP-FCEyS) - Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales
repository.mail.fl_str_mv cendocu@mdp.edu.ar
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