The finance-dominated growth regime, distribution, and aggregate demand in the US (2009)
Onaran, Özlem, Stockhammer, Engelbert, Grafl, Lukas
The finance-dominated growth regime has affected key macroeconomic variables in several contradictory ways. This paper investigates some of these effects: an increase of rentiers income, housing...
The finance-dominated growth regime, distribution, and aggregate demand in the US (2009)
Onaran, Özlem, Stockhammer, Engelbert, Grafl, Lukas
The finance-dominated growth regime has affected key macroeconomic variables in several contradictory ways. This paper investigates some of these effects: an increase of rentiers income, housing...
The finance-dominated accumulation regime, income distribution and the present crisis (2009)
The paper discusses the interactions of changes in income distribution and the accumulation dynamics in the post-Fordist accumulation regime in OECD countries, which is characterized by deregulated...
The finance-dominated accumulation regime, income distribution and the present crisis (2009)
The paper discusses the interactions of changes in income distribution and the accumulation dynamics in the post-Fordist accumulation regime in OECD countries, which is characterized by deregulated...
Functional income distribution and aggregate demand in the Euro area (2009)
Stockhammer, Engelbert, Onaran, Özlem, Ederer, Stefan
An increase in the wage share has contradictory effects on the subaggregates of aggregate demand. Private consumption expenditures ought to increase because wage incomes typically are associated with...
Income Distribution, Growth, and Conflict: The Aggregate Demand Nexus (2008)
Özlem Onaran, Engelbert Stockhammer
This paper is a literature review on the recent Post-Keynesian empirical findings about the effect of income distribution on investment and growth in a variety of different countries and aims at...
Financial uncertainty and business investment (2008)
Stockhammer, Engelbert, Grafl, Lucas
The paper seeks to contribute to the empirical analysis of financial uncertainty and investment from a Post Keynesian perspective. The paper uses the volatility of the exchange rate, the volatility...
Financial uncertainty and business investment (2008)
Stockhammer, Engelbert; Grafl, Lucas
The paper seeks to contribute to the empirical analysis of financial uncertainty and investment from a Post Keynesian perspective. The paper uses the volatility of the exchange rate, the volatility...
Post Keynesian economics - how to move forward (2008)
Stockhammer, Engelbert, Ramskogler, Paul
Post Keynesian Economics (PKE) is at a cross road. The academic climate at universities has become more hostile to survival and the mainstream has become more diverse internally. Moreover, a...
Post Keynesian economics - how to move forward (2008)
Stockhammer, Engelbert, Ramskogler, Paul
Post Keynesian Economics (PKE) is at a cross road. The academic climate at universities has become more hostile to survival and the mainstream has become more diverse internally. Moreover, a...
Functional income distribution and aggregate demand in the Euro-area (2007)
Stockhammer, Engelbert, Onaran, Özlem, Ederer, Stefan
An increase in the wage share has contradictory effects on the subaggregates of aggregate demand. Private consumption expenditures ought to increase because wage incomes typically are associated with...
Uncertainty and exploitation in history (2007)
Stockhammer, Engelbert, Ramskogler, Paul
The paper builds on the Marxist concept of exploitation to explore the meaning of the Post Keynesian notion of uncertainty. Uncertainty is mediated by institutions and is distributed unevenly among...
Uncertainty and exploitation in history (2007)
Stockhammer, Engelbert; Ramskogler, Paul
The paper builds on the Marxist concept of exploitation to explore the meaning of the Post Keynesian notion of uncertainty. Uncertainty is mediated by institutions and is distributed unevenly among...
Demand effects of the falling wage share in Austria (2007)
Stockhammer, Engelbert, Ederer, Stefan
This paper aims at empirically estimating the demand effects of changes in functional income distribution for Austria. Based on a Post-Kaleckian macro model, this paper estimates the effects of a...
Steidl, Annemarie, Stockhammer, Engelbert
The paper investigates the determinants of internal migration within late imperial Austria. In contrast to the modernization paradigm which studies onedirectional migration flows from rural to urban...
Hein, Eckhard, Stockhammer, Engelbert
New Consensus Models (NCMs) have been criticised by Post-Keynesians (PKs) for a variety of reasons. The paper presents a model that synthesises several of the PK arguments. The model consists of...
Demand effects of the falling wage share in Austria (2007)
Stockhammer, Engelbert; Ederer, Stefan
This paper aims at empirically estimating the demand effects of changes in functional income distribution for Austria. Based on a Post-Kaleckian macro model, this paper estimates the effects of a...
Stockhammer, Engelbert, Hein, Eckhard, Grafl, Lucas
Germany has experienced a period of extreme nominal and real wage moderation since the mid 1990s. Contrary to the expectations of liberal economists this has failed to improve Germanys mediocre...
Relations among Internal, Continental, and Transatlantic Migration in Late Imperial Austria (2007)
Steidl, Annemarie, Stockhammer, Engelbert, Zeitlhofer, Hermann
The article investigates the relations among internal, Continental, and transatlantic migration in late imperial Austria by combining information from passenger records of ships to the United States...
Onaran, Özlem, Stockhammer, Engelbert
The aim of this paper is to estimate the effect of FDI and trade openness on wages in the CEECs in the post-transition era. We utilize a cross-country sector-specific eceonometric analysis based on...
Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory? (2006)
The NAIRU theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, reducing unemployment benefits,...
Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory? (2006)
The NAIRU theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, reducing unemployment benefits,...
National and sectoral factors in wage formation in Central and Eastern Europe (2006)
Stockhammer, Engelbert, Onaran, Özlem
The paper investigates the formation of wages in the New Member States in Central and Eastern Europe, in particular the question what the relative role of national and sectoral factors is. While the...
National and sectoral factors in wage formation in Central and Eastern Europe (2006)
Stockhammer, Engelbert; Onaran, Özlem
The paper investigates the formation of wages in the New Member States in Central and Eastern Europe, in particular the question what the relative role of national and sectoral factors is. While the...
Do profits affect investment and employment? (2005)
Onaran, Özlem, Stockhammer, Engelbert
In this study, a Kaleckian-Post-Keynesian macroeconomic model, which is an extended version of the Bhaduri and Marglin (1990) model, serves as the starting point. The merit of a Kaleckian model for...
Arbeitsmarktrigiditäten oder Nachfragemangel? (2005)
Der Fordismus, das Akkumulationsregime der Nachkriegszeit, das auf einem impliziten Kompromiss zwischen Kapital und Arbeit basierte, war durch einen regulierten Finanzsektor und durch niedrige reale...
Arbeitsmarktrigiditäten oder Nachfragemangel? (2005)
Der Fordismus, das Akkumulationsregime der Nachkriegszeit, das auf einem impliziten Kompromiss zwischen Kapital und Arbeit basierte, war durch einen regulierten Finanzsektor und durch niedrige reale...
Financialisation and the slowdown of accumulation (2004)
Over the past decades, the financial investment of non-financial businesses has been rising, and the accumulation of capital goods has been declining. The first part of the paper offers a novel...
Accumulation, distribution and employment (2002)
Stockhammer, Engelbert, Onaran, Özlem
The paper investigates the relation between effective demand, income distribution and unemployment empirically. Its aim is to evaluate Keynesian, Kaldorian and neoclassical hypotheses about the...
Accumulation, distribution and employment (2002)
Stockhammer, Engelbert; Onaran, Özlem
The paper investigates the relation between effective demand, income distribution and unemployment empirically. Its aim is to evaluate Keynesian, Kaldorian and neoclassical hypotheses about the...
Explaining European unemployment (2000)
The aim of the paper is to contrast and test the NAIRU theory and the Keynesian theory of unemployment econometrically. For the former, wage push variables are key in explaining the rise of European...
Is there an equilibrium rate of unemployment in the long run? (2000)
Distinguishing between profit led and growth led demand regimes, we analyze the conditions of existence and stability of long run equilibrium of unemployment. The model we employ has at its center...
Financialization and the slowdown of accumulation (2000)
Over the past decades financial investment of non-financial businesses has been rising and accumulation of capital goods has been declining. The first part of the paper offers a novel theory to...
Financialization and the slowdown of accumulation (2000)
Over the past decades financial investment of non-financial businesses has been rising and accumulation of capital goods has been declining. The first part of the paper offers a novel theory to...
Is there an equilibrium rate of unemployment in the long run? (2000)
Distinguishing between profit led and growth led demand regimes, we analyze the conditions of existence and stability of long run equilibrium of unemployment. The model we employ has at its center...
Explaining European unemployment (2000)
The aim of the paper is to contrast and test the NAIRU theory and the Keynesian theory of unemployment econometrically. For the former, wage push variables are key in explaining the rise of European...
Robinsonian and Kaleckian growth (1999)
The aim of the paper is to give an overview over basic models of Post-Keynesian growth theory. Two major families of growth models are discussed, one developed by Joan Robinson, the other by Michal...
The slowdown of accumulation and the rise of European unemployment (1999)
The paper aims at testing empirically two Keynesian hypotheses. First that increasing financial investment is one of the major causes for the slowdown in capital accumulation and, second, that this...
The slowdown of accumulation and the rise of European unemployment (1999)
The paper aims at testing empirically two Keynesian hypotheses. First that increasing financial investment is one of the major causes for the slowdown in capital accumulation and, second, that this...
Robinsonian and Kaleckian growth (1999)
The aim of the paper is to give an overview over basic models of Post-Keynesian growth theory. Two major families of growth models are discussed, one developed by Joan Robinson, the other by Michal...
DO PROFITS AFFECT INVESTMENT AND EMPLOYMENT? AN EMPRICAL TEST BASED ON THE BHADURI-MARGLIN MODEL
Ozlem Onaran, Engelbert Stockhammer
In this study, a Kaleckian-Post-Keynesian macroeconomic model, which is an extended version of the Bhaduri and Marglin (1990) model, serves as the starting point. The merit of a Kaleckian model for...
The Rise of European Unemployment: A Synopsis
Unemployment in the European Union has risen from a modest 2% in 1970 to 8.3% in 2002, a level not seen since the Great Depression. In this draft introduction for his new book, The Rise of European...
Özlem Onaran, Engelbert Stockhammer
The aim of this paper is to estimate the effect of FDI and trade openness on wages in the CEECs in the post-transition era. We utilize a cross-country sector-specific eceonometric analysis based on...
Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory?
The NAIRU theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, reducing unemployment benefits,...
Özlem Onaran, Engelbert Stockhammer
The aim of the paper is to compare the relationship between distribution, growth, accumulation and employment in Turkey and South Korea. These countries represent two different export-oriented growth...
Functional income distribution and aggregate demand in the Euro-area
Engelbert Stockhammer, Özlem Onaran, Stefan Ederer
An increase in the wage share has contradictory effects on the subaggregates of aggregate demand. Private consumption expenditures ought to increase because wage incomes typically are associated with...
Uncertainty and exploitation in history
Engelbert Stockhammer, Paul Ramskogler
The paper builds on the Marxist concept of exploitation to explore the meaning of the Post Keynesian notion of uncertainty. Uncertainty is mediated by institutions and is distributed unevenly among...
Demand effects of the falling wage share in Austria
Engelbert Stockhammer, Stefan Ederer
This paper aims at empirically estimating the demand effects of changes in functional income distribution for Austria. Based on a Post-Kaleckian macro model, this paper estimates the effects of a...
Coming and leaving. Internal mobility in late Imperial Austria
Annemarie Steidl, Engelbert Stockhammer
The paper investigates the determinants of internal migration within late imperial Austria. In contrast to the modernization paradigm which studies onedirectional migration flows from rural to urban...
Robinsonian and Kaleckian Growth. An Update on Post-Keynesian Growth Theories
The aim of the paper is to give an overview over basic models of Post-Keynesian growth theory. Two major families of growth models are discussed, one developed by Joan Robinson, the other by Michal...
Explaining European Unemployment: Testing the NAIRU Theory and a Keynesian Approach
The aim of the paper is to contrast and test the NAIRU theory and the Keynesian theory of unemployment econometrically. For the former, wage push variables are key in explaining the rise of European...
Eckhard Hein, Engelbert Stockhammer
New Consensus Models (NCMs) have been criticised by Post-Keynesians (PKs) for a variety of reasons. The paper presents a model that synthesises several of the PK arguments. The model consists of...
The Slowdown of Accumulation and the Rise of European Unemployment
The paper aims at testing empirically two Keynesian hypotheses. First that increasing financial investment is one of the major causes for the slowdown in capital accumulation and, second, that this...
Is There an Equilibrium Rate of Unemployment in the Long Run?
Distinguishing between profit led and growth led demand regimes, we analyze the conditions of existence and stability of long run equilibrium of unemployment. The model we employ has at its center...
Financialization and the Slowdown of Accumulation
Over the past decades financial investment of non-financial businesses has been rising and accumulation of capital goods has been declining. The first part of the paper offers a novel theory to...
Accumulation, distribution and employment: a structural VAR approach to a post-Keynesian macro model
Engelbert Stockhammer, Özlem Onaran
The paper investigates the relation between effective demand, income distribution and unemployment empirically. Its aim is to evaluate Keynesian, Kaldorian and neoclassical hypotheses about the...
Stock markets, shareholder value and investment
The paper explores the effects of stock markets on business investment. Next to the direct finance effect several indirect channels are identified and discussed. These are the allocation of...
ARBEITSMARKTRIGIDITÄTEN ODER NACHFRAGEMANGEL? DIE URSACHEN DER ARBEITSLOSIGKEIT IN EUROPA
Der Fordismus, das Akkumulationsregime der Nachkriegszeit, das auf einem impliziten Kompromiss zwischen Kapital und Arbeit basierte, war durch einen regulierten Finanzsektor und durch niedrige reale...
Shareholder value orientation and the investment-profit puzzle
Shareholders have increased their ability to influence management decisions significantly over the past two decades. This paper proposes an extension of the Post Keynesian theory of the firm proposed...
ÖZLEM ONARAN, ENGELBERT STOCKHAMMER
The aim of the paper is to compare the relationship between distribution, growth, accumulation, and employment in Turkey and in South Korea. These countries represent two different cases of...
Engelbert Stockhammer, Eckhard Hein, Lucas Grafl
Germany has experienced a period of extreme nominal and real wage moderation since the mid 1990s. Contrary to the expectations of liberal economists this has failed to improve Germany’s mediocre...
A Post-Keynesian macroeconomic policy mix as an alternative to the New Consensus approach
Eckhard Hein, Engelbert Stockhammer
In a Post-Keynesian (PK) model we show that inflation targeting monetary policies, as the main stabilisation tool proposed by the New Consensus Model (NCM), in the short run are only adequate for...
Explaining European Unemployment: Testing the NAIRU Hypothesis and a Keynesian Approach
The aim of the paper is to compare the NAIRU hypothesis regarding European unemployment and a Keynesian approach to the issue and to evaluate them econometrically. For the NAIRU explanation, wage...
Is there an equilibrium rate of unemployment in the long run?
This paper examines the existence and stability of a long-run equilibrium rate of unemployment in a Post-Keynesian growth model and contrasts it with the NAIRU model. In the latter the equilibrium...
National and sectoral factors in wage formation in Central and Eastern Europe
Engelbert Stockhammer, Özlem Onaran
The paper investigates the formation of wages in the New Member States in Central and Eastern Europe, in particular the question what the relative role of national and sectoral factors is. While the...
Financialisation and the slowdown of accumulation
Over the past decades, the financial investment of non-financial businesses has been rising, and the accumulation of capital goods has been declining. The first part of the paper offers a novel...
Some Stylized Facts on the Finance-Dominated Accumulation Regime
While there is an agreement that the Fordist accumulation regime has come to an end in the course of the 1970s, there is no agreement on how to characterize the post-Fordist regime (or if a such is...
Wage shares have fallen substantially in Europe since the early 1980s. To some extent this is due to a macroeconomic policy package that encourages wage flexibility and wage competition. A system of...
Financial uncertainty and business investment
Engelbert Stockhammer, Lucas Grafl
The paper seeks to contribute to the empirical analysis of financial uncertainty and investment from a Post Keynesian perspective. The paper uses the volatility of the exchange rate, the volatility...
IS THE NAIRU THEORY A MONETARIST, NEW KEYNESIAN, POST KEYNESIAN OR A MARXIST THEORY?
The NAIRU (non-accelerating inflation rate of unemployment) theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the...
The Impact of Monetary Policy on Unemployment Hysteresis
Engelbert Stockhammer, Simon Sturn
This paper investigates the hypothesis that the extent to which hysteresis occurs in the aftermath of recessions depends on monetary policy reactions. The degree of hysteresis is explained...
Demand effects of the falling wage share in Austria
Engelbert Stockhammer, Stefan Ederer
Distribution, Demand, Investment, Consumption, Foreign trade, Macroeconomics, Keynesian economics, E12, E20, E22, E25, E61,
Capital Accumulation, Labour Market Institutions, and Unemployment in the Medium Run
Engelbert Stockhammer, Erik Klär
According to the mainstream view, labour market institutions (LMI) are the key determinants of unemployment in the medium run. The actual empirical explanatory power of measures for labour market...
Post Keynesian economics - how to move forward
Engelbert Stockhammer, Paul Ramskogler
Post Keynesian Economics (PKE) is at a cross road. The academic climate at universities has become more hostile to survival and the mainstream has become more diverse internally. Moreover, a...
Effects of European integration on Austria's economy
High expectations were placed on the project of European economic integration and Austria's participation in it. Economists had expected that the Single Market would provide a positive supply shock,...
The finance-dominated growth regime, distribution, and aggregate demand in the US
Özlem Onaran, Engelbert Stockhammer, Lukas Grafl
The finance-dominated growth regime has affected key macroeconomic variables in several contradictory ways. This paper investigates some of these effects: an increase of rentiers income, housing...
The finance-dominated growth regime, distribution, and the present crisis
The paper discusses the interactions of changes in income distribution and the accumulation dynamics in the post-Fordist accumulation regime in OECD countries, which is characterized by deregulated...
Functional income distribution and aggregate demand in the Euro area
Engelbert Stockhammer, Özlem Onaran, Stefan Ederer
An increase in the wage share has contradictory effects on the subaggregates of aggregate demand. Private consumption expenditures ought to increase because wage incomes typically are associated with...
Goodwin or Kalecki in Demand? Functional Income Distribution and Aggregate Demand in the Short Run
Engelbert Stockhammer, Robert Stehrer
In a seminal paper on Marxian business cycle theory, Richard Goodwin (1967) presented a model which assumed that a higher wage share leads to lower investment and thus a general economic slowdown. In...