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• W2018652223 abstract "This article examines consumption dynamics in a Cambridge model of growth and distribution. The model endogenises the workers’ saving rate and incorporates out-of-equilibrium dynamics explicitly. The analysis identifies a new mechanism of macroeconomic instability that emerges from the interaction between the Kaldorian process of demand-driven inequality and the workers’ saving behaviour. The mechanism can generate perpetual cycles where the upwards phase is characterised by a prolonged period of falling saving rate and increasing income inequality. The article discusses the empirical relevance of the formal analysis. The article discusses the empirical relevance of the analytic results." @default.
• W2018652223 created "2016-06-24" @default.
• W2018652223 creator A5083849573 @default.
• W2018652223 date "2014-12-30" @default.
• W2018652223 modified "2023-09-25" @default.
• W2018652223 title "Demand-driven inequality, endogenous saving rate and macroeconomic instability" @default.
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• W2018652223 doi "https://doi.org/10.1093/cje/beu062" @default.
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