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Profits, Wages and Productivity in the Business Cycle : A Kaldorian Analysis - Mitsuhiko Iyoda

Profits, Wages and Productivity in the Business Cycle

A Kaldorian Analysis

Hardcover Published: 31st October 1997
ISBN: 9780792398684
Number Of Pages: 160

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This book attempts to explain the changes in specifiC macroeconomic vari­ ables-such as the relative share oflabor, the profIt rate, and the real wage rate in advanced capitalist economies-in relation to the influence of the business cycle in income distribution. In the pursuit of this inquiry, I fIrSt establish some stylized facts that I wish to investigate. The three countries discussed here-the United Kingdom, the United States, and Japan-are observed over a period of twenty-two years beginning in 1970, which covers at least three business cycles. This study makes several assumptions. First, there is no common feature on whether labor share moves countercyclically or procyclically; however, labor share increases in the fIrst year of contraction and decreases in the fIrst year of expansion, though there are some exceptions. Second, the profIt rate moves pro cyclically . Third, labor productivity moves pro cyclically and shows a symmetrical change; productivity sharply increases in the fIrSt year of expansion in terms of the growth rate and decreases in the fIrst year of con­ traction. Fourth, the real wage rate has no common feature. Finally, labor shares with and without "labor income of self-employment" imputed from self-employment income are almost parallel (except for Japan), and their move­ ments are also similar, though they move differently for some years. To explain these facts, I examine three types of model (or theory)-Kaldorian theory, real-business-cycle theory, and new Keynesian theory-but the focus is on Kaldor's approach-hence, the book's subtitle, A Kaldorian Analysis.

List of Figuresp. ix
List of Tablesp. xi
Prefacep. xiii
Acknowledgmentsp. xv
Abbreviationsp. xix
Introductionp. 1
Some Facts About the Typical Business Cyclep. 5
Some Facts in Generalp. 5
Comparative Methodsp. 6
Equations for Calculationp. 6
Datap. 8
Results in Detailp. 10
The Labor Sharep. 10
The Profit Ratep. 14
Labor Productivityp. 14
The Real Wage Ratep. 17
The Relationship Between the Estimates with and Without LISp. 22
Factors Conditioning Interpretationsp. 23
Stylized Facts and Some Explanations of These Factsp. 24
Stylized Factsp. 24
Some Explanations of the Stylized Factsp. 27
Methods of Imputation and Their Validityp. 30
Datap. 31
Tablesp. 35
Kaldor's Modelp. 49
Kaldor's Modelp. 50
A Modelp. 50
Restraint Conditions to the Modelp. 51
Interpretationp. 52
Reformulation of the Modelp. 53
Further Interpretationp. 54
Commentsp. 57
Pasinetti's Questionp. 57
Capital Coefficient, vp. 58
An Assumption of the Full Employmentp. 59
Historical Constanciesp. 59
Kaldor's Recognitionp. 59
Arguments on the Historical Constanciesp. 61
Conclusions: Some Remarks on Kaldor's Modelp. 62
A Neoclassical Model of Income Distribution--In Comparison with Kaldor's Modelp. 63
Kaldorian Models: Two Applied Modelsp. 69
An Employment Decision Approachp. 70
Assumptions and Notationsp. 70
Model Ap. 71
Model A: A Solution and Restraint Conditionsp. 73
Model A: An Analysis in Comparative Staticsp. 74
A Brief Summary: Concluding Remarks on Model Ap. 77
A Markup Pricing Approachp. 78
Introductionp. 78
Model Bp. 79
Model B: A Solution and Restraint Conditionsp. 80
Model B: An Analysis in Comparative Staticsp. 83
A Brief Summary: Concluding Remarks on Model Bp. 86
Conclusions: Some Remarks on Models A and Bp. 87
Fundamental Characteristics of the Two Modelsp. 87
The Characteristics of the Model and the Validityp. 88
Model A: On Solutionp. 89
Equations for Comparative Staticsp. 90
A Model (1976)p. 94
Model B: On Solutionp. 96
The First Partial Derivative and Growth-Rate Equationsp. 98
Other Modelsp. 109
The Real Business Cycle Theoryp. 110
Introductionp. 110
The Modelsp. 110
Some Commentsp. 114
The New Keynesian Theoryp. 117
Introductionp. 117
The Theoryp. 117
Some Commentsp. 121
Conclusions: Some Remarks on Each Theoryp. 127
Conclusionsp. 133
Summaryp. 133
Methodological Research Agendap. 136
Determinants of Investmentp. 136
Government Policy and International Tradep. 137
Test of the Models and Model Calibrationp. 138
Questions Remaining for the Futurep. 139
Referencesp. 141
Indexp. 147
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780792398684
ISBN-10: 0792398688
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 160
Published: 31st October 1997
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 24.77 x 16.51  x 1.91
Weight (kg): 0.5