2008/04/28 by Till Van Treeck, Till van Treeck · 3 citations
Economics, Econometrics and Finance · #Economic Theory and Policy #Economic theories and models #Monetary Policy and Economic Impact
paper · pdf · doi:10.1111/j.1467-999x.2008.00312.x
crossref issued 2008/04/28 · crossref published 2008/04/28 · crossref published-online 2008/04/28 · openalex publication_date 2008/04/28 · crossref created 2008/04/29 · crossref published-print 2008/07/01 · crossref deposited 2023/10/09 · openalex created_date 2025/10/10 · crossref indexed 2026/07/29 · openalex updated_date 2026/07/30
ABSTRACT A Post‐Keynesian growth model is developed, in which financial variables are explicitly taken into account. Variants of an investment function are estimated econometrically, applying the ARDL (auto‐regressive distributed lag)‐based approach proposed by Pesaran et al . ( Journal of Applied Econometrics , 16 (3), pp. 289–326). The econometric results are discussed with respect to a remarkable phenomenon that can be observed for some important OECD countries since the early 1980s: accumulation has generally been declining while profit shares and rates have shown a tendency to rise. We concentrate on one potential explanation of this phenomenon, which is particularly relevant for the USA and relies on a high propensity to consume out of capital income.