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Productivity, the real exchange rate and the aggregate demand: an empirical exercise applied to brazil from 1960 to 2011

Douglas Alencar (), Frederico Jayme Jr () and Gustavo Britto

No 588, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: This research analyses, from a Post-Kaleckian perspective, the interactions among the aggregate demand, the real exchange rate, productivity and real wages in the Brazilian economy from 1960 to 2011. It adopts the longstanding perspective that demand is the driver of capital accumulation and economic growth. The research comprises the following steps: i) a critical assessment of the growth regime literature, with a particular emphasis on issues related to productivity and the real exchange rate; ii) understanding the relationship between the real exchange rate and the productivity and growth regimes; iii) proposing a theoretical model that relates the real exchange rate, productivity and the growth regime; and iv) an empirical test of the interaction between the real exchange rate, productivity and the growth regime. Theoretically the study develops a model showing the interactions between the aggregate demand, the real exchange rate, productivity and real wages. Furthermore, this research attempts to address the lack of theoretical and empirical studies about the relationship between the aggregate demand, the real exchange rate, productivity and real wages.

Keywords: Post-Kaleckian; aggregate demand; real exchange rate; productivity; real wages. (search for similar items in EconPapers)
JEL-codes: O11 O15 O41 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2018-10
New Economics Papers: this item is included in nep-his, nep-opm and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:cdp:texdis:td588

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