The Italian economic stagnation in a Kaldorian theoretical perspective
Guglielmo Forges Davanzati (),
Rosario Patalano () and
Guido Traficante ()
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Guglielmo Forges Davanzati: University of Salento
Rosario Patalano: University of Naples Federico II
Economia Politica: Journal of Analytical and Institutional Economics, 2019, vol. 36, issue 3, No 8, 861 pages
Abstract This paper analyses the Italian economic stagnation in a Kaldorian framework. On the theoretical ground we propose an interpretation of the Italian economic stagnation based on the continuous reduction of aggregate demand and labour productivity. We also consider the role of the banking sector as a factor driving aggregate demand and, in turn, labour productivity. We estimate a VAR for the period 2002–2015 to analyse jointly the evolution of private consumption, real GDP, private investments, credit supply, labour compensation and productivity. Our main empirical finding is that aggregate demand and credit supply significantly affect the path of labour productivity, consistently with Kaldor–Verdoorn Law.
Keywords: Kaldor; Italy; Aggregate demand; Labour productivity (search for similar items in EconPapers)
JEL-codes: B52 E6 E12 J12 (search for similar items in EconPapers)
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