Macroeconomic and Technological Dynamics: a Structuralist-Keynesian Cumulative Growth Model

Giulio Guarini ()

PSL Quarterly Review, 2016, vol. 69, issue 276, 49-75

Abstract: The aim of this paper is to build a Structuralist-Keynesian cumulative growth model driven by the dynamic interaction between demand regime and productivity regime. The model specifies the role of labour productivity and unit labour cost in the macroeconomic and technological dynamics. The results show that the effect of the unit labour cost dynamics on economic growth depends upon the rate of market competition, innovation process and the distributional effects on aggregate demand. Finally, through an econometric analysis with System GMM and Difference GMM Dynamic Panel Models, are empirically verified the main relationships of the model for the European countries in the period 1992-2012.

Keywords: cumulative growth; labour productivity; Kaldor law (search for similar items in EconPapers)
JEL-codes: O33 O41 O47 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

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