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Kaleckiyen Model Çerçevesinde Talep ve Bölüşüm Dinamikleri: SVAR Modeli Yaklaşımı

Yıl 2023, , 1 - 54, 26.06.2023
https://doi.org/10.26650/ISTJECON2022-1275817

Öz

Proje Numarası

Grant number SDK-2016-21801

Kaynakça

  • Barbosa-Filho, N. H., & Taylor, L. (2006). Distributive and Demand Cycles in the Us Economy—A Structuralist Goodwin Model. Metroeconomica, 57(3), 389-41 1. https://doi. org/10.1111/j.1467-999X.2006.00250.x google scholar
  • Barrales, J., & von Arnim, R. (2017). Longer-run distributive cycles: Wavelet decompositions for the US, 1948-2011. Review of Keynesian Economics, 5(2), 196-217. google scholar
  • Baxter, M., & King, R. (1999). Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series. The Review of Economics and Statistics, 81(4), 575-593. google scholar
  • Bhaduri, A. (2006). Endogenous economic growth: A new approach. Cambridge Journal of Economics, 30(1), 69-83. google scholar
  • Bhaduri, A., & Marglin, S. (1990). Unemployment and the real wage: The economic basis for contesting political ideologies. Cambridge Journal of Economics, 14(4), 375-393. google scholar
  • Blanchard, O. J., & Quah, D. (1989). The Dynamic Effects of Aggregate Demand and Supply Disturbances. American Economic Review, 79(4), 655-673. google scholar
  • Blanchard, O., & Watson, M. (1986). Are Business Cycles All Alike? (pp. 123-180) [NBER Chapters]. National Bureau of Economic Research, Inc. https://econpapers.repec.org/bookchap/ nbrnberch/10021.htm google scholar
  • Blecker, R. A. (1989). International competition, income distribution and economic growth. Cambridge Journal of Economics, 13(3), 395-412. google scholar
  • Blecker, R. A. (1999). Kaleckian macro models for open economies. In Foundations of international economics: Post-Keynesian perspectives (pp. 116-150). Routledge. google scholar
  • Blecker, R. A. (2002). Distribution, Demand and Growth in Neo-Kaleckian Macro-Models. In Chapters. Edward Elgar Publishing. https://ideas.repec.org/h/elg/eechap/1864_8.html google scholar
  • Blecker, R. A. (2016). Wage-led versus profit-led demand regimes: The long and the short of it. Review of Keynesian Economics, 4(4), 373-390. https://doi.org/10.4337/roke.2016.04.02 google scholar
  • Boratav, K., Türel, O., & Yeldan, E. (1996). Dilemmas of structural adjustment and environmental policies under instability: Post-1980 Turkey. World Development, 24(2), 373-393. https://doi. org/10.1016/0305-750X(95)00140-8 google scholar
  • Bowles, S., & Boyer, R. (1995). Wages, aggregate demand, and employment in an open economy: An empirical investigation. In Macroeconomic Policy after the Conservative Era: Studies in Investment, Saving and Finance (Editor: G. A. Epstein, H. M Gintis, pp. 143-171). Cambridge University Press. google scholar
  • Carvalho, L., & Rezai, A. (2016). Personal income inequality and aggregate demand. Cambridge Journal of Economics, 40(2), 491-505. https://doi.org/10.1093/cje/beu085 google scholar
  • Cassetti, M. (2003). Bargaining power, effective demand and technical progress: A Kaleckian model of growth. Cambridge Journal of Economics, 27(3), 449-464. https://doi.org/10.1093/ cje/27.3.449 google scholar
  • Celasun, M. (1994). DEVELOPMENT POLICY AND INDUSTRIALIZATION IN TURKEY. International Journal on World Peace, 11(2), 41-57. JSTOR. google scholar
  • Cogley, T., & Nason, J. M. (1995). Effects of the Hodrick-Prescott filter on trend and difference stationary time series Implications for business cycle research. Journal of Economic Dynamics and Control, 19(1-2), 253-278. google scholar
  • Cynamon, B. Z., & Fazzari, S. M. (2008). Household debt in the consumer age: Source of growth-risk of collapse. Capitalism and Society, 3(2), 1-32. https://doi.org/10.2202/1932-0213.1037 google scholar
  • Cynamon, B. Z., & Fazzari, S. M. (2012). The end of the consumer age. In B. Z. Cynamon, M. Setterfield, & S. Fazzari (Eds.), After the great recession: The struggle for economic recovery and growth (pp. 129-157). Cambridge University Press. https://doi.org/10.1017/ CBO9781139059589.011 google scholar
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  • Dutt, A. K. (1987). Alternative closures again: A comment on “Growth, distribution and inflation.” Cambridge Journal of Economics, 11(1), 75-82. google scholar
  • Dutt, A. K. (1990). Growth, Distribution and Uneven Development. CUP Archive. google scholar
  • Dutt, A. K. (2005). Conspicuous consumption, consumer debt and economic growth. In M. Setterfield (Ed.), Interactions in analytical political economy: Theory, policy and applications (pp. 155-178). Routledge. https://doi.org/10.4324/9781315703398 google scholar
  • Dutt, A. (2006). Aggregate Demand, Aggregate Supply and Economic Growth. International Review of Applied Economics, 20(3), 319-336. google scholar
  • Ederer, S., & Stockhammer, E. (2007). Wages and Aggregate Demand: An Empirical Investigation for France [Chapters]. Edward Elgar Publishing. https://econpapers.repec.org/bookchap/ elgeechap/12580_5f6.htm google scholar
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Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model

Yıl 2023, , 1 - 54, 26.06.2023
https://doi.org/10.26650/ISTJECON2022-1275817

Öz

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.

Destekleyen Kurum

the Scientific Research Projects (BAP) unit of Istanbul University

Proje Numarası

Grant number SDK-2016-21801

Teşekkür

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.

Kaynakça

  • Barbosa-Filho, N. H., & Taylor, L. (2006). Distributive and Demand Cycles in the Us Economy—A Structuralist Goodwin Model. Metroeconomica, 57(3), 389-41 1. https://doi. org/10.1111/j.1467-999X.2006.00250.x google scholar
  • Barrales, J., & von Arnim, R. (2017). Longer-run distributive cycles: Wavelet decompositions for the US, 1948-2011. Review of Keynesian Economics, 5(2), 196-217. google scholar
  • Baxter, M., & King, R. (1999). Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series. The Review of Economics and Statistics, 81(4), 575-593. google scholar
  • Bhaduri, A. (2006). Endogenous economic growth: A new approach. Cambridge Journal of Economics, 30(1), 69-83. google scholar
  • Bhaduri, A., & Marglin, S. (1990). Unemployment and the real wage: The economic basis for contesting political ideologies. Cambridge Journal of Economics, 14(4), 375-393. google scholar
  • Blanchard, O. J., & Quah, D. (1989). The Dynamic Effects of Aggregate Demand and Supply Disturbances. American Economic Review, 79(4), 655-673. google scholar
  • Blanchard, O., & Watson, M. (1986). Are Business Cycles All Alike? (pp. 123-180) [NBER Chapters]. National Bureau of Economic Research, Inc. https://econpapers.repec.org/bookchap/ nbrnberch/10021.htm google scholar
  • Blecker, R. A. (1989). International competition, income distribution and economic growth. Cambridge Journal of Economics, 13(3), 395-412. google scholar
  • Blecker, R. A. (1999). Kaleckian macro models for open economies. In Foundations of international economics: Post-Keynesian perspectives (pp. 116-150). Routledge. google scholar
  • Blecker, R. A. (2002). Distribution, Demand and Growth in Neo-Kaleckian Macro-Models. In Chapters. Edward Elgar Publishing. https://ideas.repec.org/h/elg/eechap/1864_8.html google scholar
  • Blecker, R. A. (2016). Wage-led versus profit-led demand regimes: The long and the short of it. Review of Keynesian Economics, 4(4), 373-390. https://doi.org/10.4337/roke.2016.04.02 google scholar
  • Boratav, K., Türel, O., & Yeldan, E. (1996). Dilemmas of structural adjustment and environmental policies under instability: Post-1980 Turkey. World Development, 24(2), 373-393. https://doi. org/10.1016/0305-750X(95)00140-8 google scholar
  • Bowles, S., & Boyer, R. (1995). Wages, aggregate demand, and employment in an open economy: An empirical investigation. In Macroeconomic Policy after the Conservative Era: Studies in Investment, Saving and Finance (Editor: G. A. Epstein, H. M Gintis, pp. 143-171). Cambridge University Press. google scholar
  • Carvalho, L., & Rezai, A. (2016). Personal income inequality and aggregate demand. Cambridge Journal of Economics, 40(2), 491-505. https://doi.org/10.1093/cje/beu085 google scholar
  • Cassetti, M. (2003). Bargaining power, effective demand and technical progress: A Kaleckian model of growth. Cambridge Journal of Economics, 27(3), 449-464. https://doi.org/10.1093/ cje/27.3.449 google scholar
  • Celasun, M. (1994). DEVELOPMENT POLICY AND INDUSTRIALIZATION IN TURKEY. International Journal on World Peace, 11(2), 41-57. JSTOR. google scholar
  • Cogley, T., & Nason, J. M. (1995). Effects of the Hodrick-Prescott filter on trend and difference stationary time series Implications for business cycle research. Journal of Economic Dynamics and Control, 19(1-2), 253-278. google scholar
  • Cynamon, B. Z., & Fazzari, S. M. (2008). Household debt in the consumer age: Source of growth-risk of collapse. Capitalism and Society, 3(2), 1-32. https://doi.org/10.2202/1932-0213.1037 google scholar
  • Cynamon, B. Z., & Fazzari, S. M. (2012). The end of the consumer age. In B. Z. Cynamon, M. Setterfield, & S. Fazzari (Eds.), After the great recession: The struggle for economic recovery and growth (pp. 129-157). Cambridge University Press. https://doi.org/10.1017/ CBO9781139059589.011 google scholar
  • Diallo, M. B., Flaschel, P., Krolzig, H.-M., & Proano, C. R. (2011). Reconsidering the Dynamic Interaction between Real Wages and Macroeconomic Activity. Research in World Economy, 2(1), 77. https://doi.org/10.5430/rwe.v2n1p77 google scholar
  • Duesenberry, J. S. (1949). Income, saving, and the theory of consumer behavior. Harvard University Press. google scholar
  • Dutt, A. K. (1984). Stagnation, income distribution and monopoly power. Cambridge Journal of Economics, 8(1), 25-40. google scholar
  • Dutt, A. K. (1987). Alternative closures again: A comment on “Growth, distribution and inflation.” Cambridge Journal of Economics, 11(1), 75-82. google scholar
  • Dutt, A. K. (1990). Growth, Distribution and Uneven Development. CUP Archive. google scholar
  • Dutt, A. K. (2005). Conspicuous consumption, consumer debt and economic growth. In M. Setterfield (Ed.), Interactions in analytical political economy: Theory, policy and applications (pp. 155-178). Routledge. https://doi.org/10.4324/9781315703398 google scholar
  • Dutt, A. (2006). Aggregate Demand, Aggregate Supply and Economic Growth. International Review of Applied Economics, 20(3), 319-336. google scholar
  • Ederer, S., & Stockhammer, E. (2007). Wages and Aggregate Demand: An Empirical Investigation for France [Chapters]. Edward Elgar Publishing. https://econpapers.repec.org/bookchap/ elgeechap/12580_5f6.htm google scholar
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Toplam 91 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Araştırma Makalesi
Yazarlar

Betül Mutlugün 0000-0003-3052-5628

Ahmet İncekara 0000-0003-0224-2006

Proje Numarası Grant number SDK-2016-21801
Yayımlanma Tarihi 26 Haziran 2023
Gönderilme Tarihi 3 Nisan 2023
Yayımlandığı Sayı Yıl 2023

Kaynak Göster

APA Mutlugün, B., & İncekara, A. (2023). Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model. İstanbul İktisat Dergisi, 73(1), 1-54. https://doi.org/10.26650/ISTJECON2022-1275817
AMA Mutlugün B, İncekara A. Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model. İstanbul İktisat Dergisi. Haziran 2023;73(1):1-54. doi:10.26650/ISTJECON2022-1275817
Chicago Mutlugün, Betül, ve Ahmet İncekara. “Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model”. İstanbul İktisat Dergisi 73, sy. 1 (Haziran 2023): 1-54. https://doi.org/10.26650/ISTJECON2022-1275817.
EndNote Mutlugün B, İncekara A (01 Haziran 2023) Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model. İstanbul İktisat Dergisi 73 1 1–54.
IEEE B. Mutlugün ve A. İncekara, “Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model”, İstanbul İktisat Dergisi, c. 73, sy. 1, ss. 1–54, 2023, doi: 10.26650/ISTJECON2022-1275817.
ISNAD Mutlugün, Betül - İncekara, Ahmet. “Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model”. İstanbul İktisat Dergisi 73/1 (Haziran 2023), 1-54. https://doi.org/10.26650/ISTJECON2022-1275817.
JAMA Mutlugün B, İncekara A. Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model. İstanbul İktisat Dergisi. 2023;73:1–54.
MLA Mutlugün, Betül ve Ahmet İncekara. “Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model”. İstanbul İktisat Dergisi, c. 73, sy. 1, 2023, ss. 1-54, doi:10.26650/ISTJECON2022-1275817.
Vancouver Mutlugün B, İncekara A. Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model. İstanbul İktisat Dergisi. 2023;73(1):1-54.