Conflicting‐claims and labour market concerns in a supermultiplier SFC model

Lidia Brochier

Metroeconomica, 2020, vol. 71, issue 3, 566-603

Abstract: We propose to introduce inflation via conflicting‐claims, an endogenous labour productivity regime à la Kaldor‐Verdoorn and an explicit account for the labour market into an SFC model that combines an endogenous autonomous expenditure component with the induced investment behaviour of firms. The aim of the paper is to analyse the dynamics of real wage and productivity growth and the impacts on the long run growth trend, income shares and the employment rate of: (a) changes in the propensity to consume; (b) changes in the bargaining power of workers; and (c) changes in the labour productivity under different institutional settings.

Date: 2020
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