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Distribution-utilization interactions : a race to the bottom among OECD countries
| Content Provider | Semantic Scholar |
|---|---|
| Author | Rada, Codrina Kiefer, David |
| Copyright Year | 2014 |
| Abstract | We explore four decades of short and long run interactions between income distribution and real economic activity for a panel of OECD countries. Allowing for predator-prey dynamics, we find a convergent, rather than persistent, cycle exhibiting profit-led dynamics. Our regressions suggest that the dynamic interaction of these two variables is rather complicated. Estimating the long run point, we argue that this equilibrium has been shifting as a matter of public policy. We hypothesize that a race to the bottom arises from a need to be competitive in globalized markets. We report evidence that globalization does have a negative long-run effect on the wage share, and perhaps a positive effect on utilization. We also find that other factors have been important: unionization has been pro-labor, while contractionary monetary policy and R&D spending have been anti-labor. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://economics.utah.edu/research/publications/2013_13.1.pdf |
| Language | English |
| Access Restriction | Open |
| Subject Keyword | Appendix Embedding Estimated Exhibits as Topic Guanosine Diphosphate Interaction Kind of quantity - Equilibrium Lotka–Volterra equations Money Organisation for Economic Co-Operation and Development Persistence (computer science) Prey Public Policy Regression - mental defense mechanism Silo (dataset) Structural analysis |
| Content Type | Text |
| Resource Type | Article |
