Effective Demand in the Recent Evolution of the US Economy

Demande Effective dans l'évolution récente de l'économie des Etats-Unis

Julio López Gallardo () and Luis Antonio Reyes Ortiz ()
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Julio López Gallardo: UNAM - Universidad Nacional Autónoma de México = National Autonomous University of Mexico
Luis Antonio Reyes Ortiz: AFD - Agence française de développement

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Abstract: This paper puts forward the notion that the recent evolution of the US economy can be fully explained by demand-side variables. We empirically test some hypotheses about the role of fiscal and monetary policies and of income distribution in shaping effective demand. Using a rigorous and demanding econometric analysis, we estimate a macroeconomic model, test the validity of its probability and statistical underlying assumptions, and conclude that fiscal and monetary variables, together with the wage share, do in fact influence effective demand and thus shape the overall evolution of the US economy.

Keywords: aggregate-factor income distribution; fiscal policy; macroeconomic policy; post-Keynesian; simultaneous equation models; capital tax (search for similar items in EconPapers)
Date: 2014
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01907268v1
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Published in International Journal of Political Economy, 2014, 42 (1), pp.59-81. ⟨10.2753/IJP0891-1916420105⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01907268

DOI: 10.2753/IJP0891-1916420105

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