Kaleckiyen Model Çerçevesinde Talep ve Bölüşüm Dinamikleri: SVAR Modeli Yaklaşımı

Year 2023, , 1 - 54, 26.06.2023

Betül Mutlugün , Ahmet İncekara

https://doi.org/10.26650/ISTJECON2022-1275817

Abstract

Project Number

Grant number SDK-2016-21801

Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model

Abstract

In this study, we present an empirical investigation into demand and distribution dynamics using structural vector autoregression analysis for Turkey between the period 1970-2017. The theoretical analysis is based on a Kaleckian dynamic macro model where distributive shares are determined endogenously by introducing Rowthorn’s conflicting claims on income by workers and firms and labor productivity is allowed to vary with the level of capacity utilization due to economies of scale due to Kaldor–Verdoorn effects and wage-push effects according to Marx. Our findings indicate that increases in wage share lead to an increase in accumulation and growth which suggests wage-led effective demand, while distributive dynamics demonstrate profit-squeeze results, at least in the short run. Moreover, the empirical model confirms most of the typical Kaleckian results.

Keywords

Income distribution, Kaleckian model, effective demand, structural vector autoregression model, Turkish economy

Supporting Institution

the Scientific Research Projects (BAP) unit of Istanbul University

Project Number

Grant number SDK-2016-21801

Thanks

This work was supported by the Scientific Research Projects (BAP) unit of Istanbul University, with grant number SDK-2016-21801 for the doctoral thesis of the author titled "A study on the relationship between distribution and growth in the framework of Post-Keynesian economics: The Case of Turkey". Earlier versions of the paper were presented at the 94th Annual Conference of Western Economic Association, San Francisco, California which held on June 28th-July 2nd, 2019, and the present version benefited from the session participants. All remaining errors are ours.

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