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- W3041219601 abstract "In a post-Keynesian growth model with two types of workers, an attempt is taken to understand changes in financial behaviour and income distribution and their macroeconomic causes and consequences. For a relatively strong speed of adjustment in the financial market and a relatively weak reserve army effect, a stable steady state is achieved in the wage-led demand regime. An endogenous and perpetual business cycles may emerge in both the regimes. While in some scenario, a contraction in the wage gap between white and blue-collar employments can make the steady state unstable, in a profit-led demand regime, a rise in the wage gap can destabilize the economy. A more regulated financial market is desirable for ensuring the economy’s stability in a weak wage-led or a weak profit-led demand regime. A more regulated labour market and a rise in unionization are desirable as these can mitigate income inequality." @default.
- W3041219601 created "2020-07-16" @default.
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- W3041219601 date "2021-09-01" @default.
- W3041219601 modified "2023-09-24" @default.
- W3041219601 title "The Macroeconomic Effects of Financialization and the Wage Gap between Blue and White Collar Workers" @default.
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- W3041219601 doi "https://doi.org/10.1016/j.strueco.2021.06.012" @default.
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