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| Title: | | Class struggle and economic fluctuations: VAR analysis of the post-war U.S. economy  |
| Authors: | | Basu, Deepankar Chen, Ying Oh, Jong-seok |
| Issue Date: | | 2012 |
| Series/Report no.: | | Working Paper, University of Massachusetts, Department of Economics 2012-02 |
| Abstract: | | Building on Marx's insights in Chapter 25, Volume I of Capital, an augmented version of the cyclical profit squeeze (CPS) theory offers a plausible explanation of macroeconomic fluctuations under capitalism. The pattern of dynamic interactions that emerges from a 3-variable (profit share, unemployment rate and nonresidential fixed investment) vector autoregression estimated with quarterly data for the postwar U.S. economy is consistent with the CPS theory for the regulated (1949Q1 - 1975Q1) as well as for the neoliberal periods (starting in 1980 or in 1985). Hence, the CPS mechanism seems to be in operation even under neoliberalism. |
| Subjects: | | cyclical profit squeeze vector autoregression |
| JEL: | | B51 C22 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Department of Economics, University of Massachusetts
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