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  1. A Kaleckian approach to financialization and functional income distribution
    Austria and Finland in comparative perspective
    Author: Dabrowski, Cara; Kuhls, Sonia
    Published: March 2024
    Publisher:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    In this paper, we examine if and to what extent the Kaleckian theory of mark-up pricing can explain changes in functional income distribution in an environment of financialization. Following this approach, we expect financialization to influence the... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 369
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    In this paper, we examine if and to what extent the Kaleckian theory of mark-up pricing can explain changes in functional income distribution in an environment of financialization. Following this approach, we expect financialization to influence the aggregate wage share through three channels: (1) sectoral recomposition, (2) financial overhead costs and rentiers' profits claims, and (3) bargaining power of trade unions and workers. We empirically analyze the long-term trends for each of the channels before and after the Great Financial Crisis and the Great Recession for Austria and Finland. Overall, we find evidence for all three re-distributional channels contributing to the changes in functional income distribution. The explanatory power of the individual channels, however, differs strongly due to the heterogeneity of the countries.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/287769
    Series: Working paper / Institute for International Political Economy Berlin ; no. 229 (2024)
    Subjects: Finance-dominated capitalism; financialization; distribution; financial and economic crisis; Kaleckian theory of distribution
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  2. Challenges in measuring the distribution of carbon footprints
    the role of product and price heterogeneity
    Author: André, Mathias; Bourgeois, Alexandre; Combet, Emmanuel; Lequien, Matthieu; Pottier, Antonin
    Published: 12 février 2024
    Publisher:  Insee, Institut national de la statistique et des études économiques, Montrouge, France

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 681
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documents de travail / Insee ; no. 2024, 01 (février 2024)
    Subjects: carbon footprint; GHG emissions; inequality; household consumption; expenditure surveys; distribution
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  3. The distributional implications of pension benefit indexation
    Author: Andersen, Torben M.; Jørgensen, Cecilie Marie Løchte
    Published: February 2024
    Publisher:  CESifo, Munich, Germany

    Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit... more

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    DS 63
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    Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit profile across age/time, which in turn is determined by how benefits are indexed to prices and wages. Choosing indexation scheme involves a choice between a low initial benefit with an increasing profile and a high initial benefit with a flat/decreasing profile, where the former benefits groups with a high life expectancy, and vice versa. We analyse how indexation affects the trade-off between insurance and distribution when groups with different mortality are separated or pooled, and the optimal benefit profile under both standard preferences and temporal risk aversion wrt. the length of life.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/296032
    Series: CESifo working papers ; 10943 (2024)
    Subjects: annuities; differential mortality; distribution; indexation
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  4. Kaleckian models of conflict inflation, distribution and employment
    a comparative analysis
    Author: Hein, Eckhard; Häusler, Christoph
    Published: January 2024
    Publisher:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    This paper conducts a systematic comparison of two main textbook variants within the Kaleckian tradition of post-Keynesian conflict inflation and distribution theory: the Blecker/Setterfield (2019) and Lavoie (1992, 2022) (BSL) model based on Dutt... more

    Access:
    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 369
    Inter-library loan:
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    This paper conducts a systematic comparison of two main textbook variants within the Kaleckian tradition of post-Keynesian conflict inflation and distribution theory: the Blecker/Setterfield (2019) and Lavoie (1992, 2022) (BSL) model based on Dutt (1987), and the Hein (2023a) and Hein/Stockhammer (2011) (HS) model founded on Rowthorn (1977). Focusing on a basic closed economy framework sans government, we explore various iterations of each approach. Our analysis reveals that disparities chiefly centre around the treatment of price inflation expectations ('indexation') and the incorporation of bargaining power in wage- and price-inflation equations. BSL variants generally yield stable price Phillips curves, stable distribution and employment curves, and hence stable equilibria. Only the BSL3 variant with complete indexation and complete pass-through generates shifting Phillips and employment curves, implying instability. It is thus similar to the HS-0 approach, which has bargaining power and complete indexation representing adaptive expectations in wage inflation and incomplete pass-through in price inflation. Introducing a workers' wage share target directly into the wage-inflation equation, but keeping full indexation/adaptive expectations in wage inflation and incomplete pass-through in price inflation, allows for stable and even flat Phillips curves, stable distribution and employment curves, and hence stable equilibria in the HS approach.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/281766
    Series: Working paper / Institute for International Political Economy Berlin ; no. 225 (2024)
    Subjects: conflict inflation; employment; distribution; post-Keynesian models
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen