說明 
141 p 
附註 
Source: Dissertation Abstracts International, Volume: 6607, Section: A, page: 2674 

Chair: Robert Blecker 

Thesis (Ph.D.)The American University, 2005 

This dissertation presents a neoKaleckian, open economy macroeconomic model that focuses on the simultaneous determination of the profit share of national income and the rate of capacity utilization, and tests this model using annual timeseries data for the U.S. economy for the period 19552004. The model is summarized in two relationships, an investmentsaving equilibrium condition ("IS curve"), which is the equation for capacity utilization, and a producer equilibrium condition ("PE curve"), which is the equation for the profit share. The slopes of both curves are ambiguous in theory, and the econometric analysis focuses primarily on determining these slopes. The two equations are estimated using both instrumental variables (IV) and ordinary least squares (OLS), due to ambiguous evidence about whether there is significant simultaneity bias in the OLS estimates. An unrestricted vector autoregression (VAR) model is also estimated as a sensitivity test and for comparison with previous studies. The data are converted to first differences of natural logarithms for stationarity reasons, and all equations are estimated using generaltospecific methods and rigorous specification tests following the London School of Economics approach to econometrics 

Both the IV and OLS estimates (and a VAR model with five lags) show that the profit share has a significant, positive longrun effect on capacity utilization, but capacity utilization does not have a significant longrun effect on the profit share. However, in the short run, capacity utilization has a positive contemporaneous effect on the profit share, which is offset by a negative effect with a oneyear lag. Another robust finding is that a measure of U.S. international labor cost competitiveness has a significant, positive longrun effect on the profit share. Some other results differ between the IV and OLS estimates, and may reflect simultaneity bias in the latter. There are no significant structural breaks in these relationships during the sample period, as has been argued by some previous authors. Impulse responses using the VAR model suggest that the dynamics of the system involve dampened oscillations. In addition, the slopes of the two curves are consistent with stability of the longrun equilibrium 

School code: 0008 

DDC 
Host Item 
Dissertation Abstracts International 6607A

主題 
Economics, Theory


Economics, General


Economics, Labor


0511


0501


0510

Alt Author 
The American University

