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
- Institución
- Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales
- OAI Identificador
- oai:nulan.mdp.edu.ar:4307
Ver los metadatos del registro completo
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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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1844618840883855360 |
score |
13.070432 |