A Kaldor Matching Model of Real Wage Declines

Michael Sattinger

Discussion Papers from University at Albany, SUNY, Department of Economics

Abstract: A model linking macroeconomic equilibrium and income distribution in balanced growth equilibria is developed as a variant to the Kaldor model of factor shares. It departs from the original Kaldor model in assuming equal saving rates and production determined by a matching process between workers and jobs. Macroeconomic equilibrium (national savings equal to investment) combines with competitive microeconomic behavior to determine the real wage and real interest rate. An increase in the ratio of national debt to employment reduces the real wage, explaining recent declines.

Date: 2003
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Working Paper: A Kaldor Matching Model of Real Wage Declines (2001)
Working Paper: A Kaldor Matching Model of Real Wage Declines (2001)
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