Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/243505 
Authors: 
Year of Publication: 
2021
Series/Report no.: 
LEM Working Paper Series No. 2021/09
Publisher: 
Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM), Pisa
Abstract: 
The paper extends the research started with Borsato (2020). I develop an agent-based, stock-flow consistent growth model to analyze the interplay between income distribution, innovation and productivity growth. Results still show that the mounting shrinkage of the labour share impacts negatively upon firm's innovative effort. Additionally, I question the neoclassical belief on the negative interest-elasticity of investments, since decreases in the rate of interest are not associated with increases in capital accumulation. Finally, the panel cointegration analysis based on US manufacturing industries corroborates the theoretical predictions for the period 1958 - 2011.
Subjects: 
Secular Stagnation
Innovation dynamics
Income distribution
Agent-based SFC models
US manufacturing industries
Panel cointegration analysis
JEL: 
E10
O31
O38
O43
P16
Document Type: 
Working Paper

Files in This Item:
File
Size
2.13 MB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.