The distributive cycle: Evidence and current debates
نویسندگان
چکیده
This paper surveys current debates on the distributive cycle. The literature builds Goodwin's seminal 1967 chapter titled “A growth cycle.” We review theoretical motivations for cycle, which, despite significant differences, all imply that macroeconomic activity leads labor share in a counterclockwise cycle activity-labor plane. Subsequently, we summarize and update evidence existence of with focus post-war U.S. macroeconomy. analyze series their interaction frequency domain, also employ standard vector autoregressions. Results confirm period. contextualize results vis-à-vis debates: (1) consider financial to rebut possibility “pseudo-Goodwin” cycles, (2) demonstrate suppressed stagnation are compatible short-run Goodwin argue this link presents way forward research secular stagnation.
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ژورنال
عنوان ژورنال: Journal of Economic Surveys
سال: 2021
ISSN: ['1467-6419', '0950-0804']
DOI: https://doi.org/10.1111/joes.12432