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http://hdl.handle.net/10419/59309
  

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dc.contributor.authorHein, Eckharden_US
dc.contributor.authorSchoder, Christianen_US
dc.date.accessioned2012-06-21en_US
dc.date.accessioned2012-06-22T11:33:39Z-
dc.date.available2012-06-22T11:33:39Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/59309-
dc.description.abstractWe analyse the effects of interest rate variations on the rates of capacity utilisation, capital accumulation and profit in a simple post-Kaleckian distribution and growth model. This model gives rise to different potential accumulation regimes depending on the values of the parameters in the investment, saving and distribution function. Estimating these core behavioural equations for the US and Germany in the period 1960-2007, we find significant and robust effects of interest payments with the expected sign in each of the equations. Our estimation results imply, both for the US and for Germany, that the effects of changes in the real long-term rate of interest on the equilibrium rates of capacity utilisation, capital accumulation and profits are characterised by the 'normal regime': Rising long-term real rates of interest cause falling rates of capacity utilisation, capital accumulation and profits, as well as redistribution at the expense of labour income and hence an increasing profit share in both countries.en_US
dc.language.isoengen_US
dc.publisherInst. for International Political Economy Berlinen_US
dc.relation.ispartofseriesWorking Paper, Institute for International Political Economy Berlin 04/2009en_US
dc.subject.jelE12en_US
dc.subject.jelE21en_US
dc.subject.jelE22en_US
dc.subject.jelE25en_US
dc.subject.ddc330en_US
dc.subject.keywordInterest rateen_US
dc.subject.keyworddistributionen_US
dc.subject.keyworddemanden_US
dc.subject.keywordcapital accumulationen_US
dc.subject.keywordKaleckian modelen_US
dc.titleInterest rates, distribution and capital accumulation: A Post-Kaleckian perspective on the US and Germanyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn718082338en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:ipewps:042009-
Appears in Collections:IPE Working Papers, Institute for International Political Economy, HWR Berlin

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