Distribution, wealth and demand regimes in historical perspective: the USA, the UK, France and Germany, 1855–2010 Online Appendices

IF 1.8 3区经济学 Q2 ECONOMICS

Review of Keynesian Economics Pub Date : 2021-07-19 DOI:10.4337/ROKE.2021.03.10

Engelbert Stockhammer, J. Rabinovich, Niall Reddy

引用次数: 5

Abstract

Most empirical macroeconomic research is limited to the period since World War II. This paper analyses the effects of changes in income distribution and in private wealth on consumption and investment covering a period from as early as 1855 through to 2010 for the UK, France, Germany and the USA, based on the data set of Piketty and Zucman (2014). We contribute to the study of wealth effects, of financialization, and of the nature of demand regimes. We find that overall domestic demand has been wage-led in the USA, the UK and Germany. Total investment responds positively to higher wage shares, which is driven by residential investment. For corporate investment alone, we find a negative relation. Wealth effects are found to be positive and significant for consumption in the USA and the UK, but weaker in France and Germany. Investment is negatively affected by private wealth in the USA and the UK, but positively in France and Germany.

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历史视角下的分配、财富和需求制度:美国、英国、法国和德国，1855-2010

大多数实证宏观经济研究仅限于二战以来的时期。本文基于Piketty和Zucman（2014）的数据集，分析了早在1855年至2010年期间，英国、法国、德国和美国的收入分配和私人财富变化对消费和投资的影响。我们致力于研究财富效应、金融化和需求制度的性质。我们发现，美国、英国和德国的整体国内需求一直以工资为主导。总投资对更高的工资份额有积极的反应，这是由住宅投资驱动的。仅就企业投资而言，我们就发现了一种负相关关系。财富效应在美国和英国对消费是积极和显著的，但在法国和德国较弱。在美国和英国，投资受到私人财富的负面影响，但在法国和德国，投资受到积极影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Keynesian Economics ECONOMICS-

CiteScore

3.10

自引率

12.50%

发文量

期刊介绍： The Review of Keynesian Economics (ROKE) is dedicated to the promotion of research in Keynesian economics. Not only does that include Keynesian ideas about macroeconomic theory and policy, it also extends to microeconomic and meso-economic analysis and relevant empirical and historical research. The journal provides a forum for developing and disseminating Keynesian ideas, and intends to encourage critical exchange with other macroeconomic paradigms. The journal is dedicated to the development of Keynesian theory and policy. In our view, Keynesian theory should hold a similar place in economics to that held by the theory of evolution in biology. Many individual economists still work within the Keynesian paradigm, but intellectual success demands institutional support that can leverage those individual efforts. The journal offers such support by providing a forum for developing and sharing Keynesian ideas. Not only does that include ideas about macroeconomic theory and policy, it also extends to microeconomic and meso-economic analysis and relevant empirical and historical research. We see a bright future for the Keynesian approach to macroeconomics and invite the economics profession to join us by subscribing to the journal and submitting manuscripts.