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The Macroeconomic Effects of Financialization and the Wage Gap between Blue and White Collar Workers
Structural Change and Economic Dynamics ( IF 5.059 ) Pub Date : 2021-07-15 , DOI: 10.1016/j.strueco.2021.06.012
Pintu Parui 1
Affiliation  

In a post-Keynesian growth model with two types of workers, an attempt is taken to understand changes in financial behaviour and income distribution and their macroeconomic causes and consequences. For a relatively strong speed of adjustment in the financial market and a relatively weak reserve army effect, a stable steady state is achieved in the wage-led demand regime. An endogenous and perpetual business cycles may emerge in both the regimes. While in some scenario, a contraction in the wage gap between white and blue-collar employments can make the steady state unstable, in a profit-led demand regime, a rise in the wage gap can destabilize the economy. A more regulated financial market is desirable for ensuring the economy’s stability in a weak wage-led or a weak profit-led demand regime. A more regulated labour market and a rise in unionization are desirable as these can mitigate income inequality.



中文翻译:

金融化的宏观经济效应和蓝白领工人之间的工资差距

在包含两类工人的后凯恩斯增长模型中,试图理解金融行为和收入分配的变化及其宏观经济原因和后果。由于金融市场调整速度相对较快,后备军效应相对较弱,工资主导的需求体制实现了稳定的稳定状态。两种制度都可能出现内生的和永久的商业周期。虽然在某些情况下,白领和蓝领就业之间工资差距的缩小会使稳定状态不稳定,但在以利润为导向的需求体制中,工资差距的扩大可能会破坏经济的稳定。一个更加规范的金融市场对于确保经济在工资主导或利润主导的疲软需求体制下的稳定是可取的。

更新日期:2021-07-24
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