Arbeitspapier
A labor market-augmented empirical stock-flow consistent model applied to the Greek economy
This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions, such as the minimum wage and the collective bargaining coverage rate, are considered as determinants of the wage share and, in turn, of the distribution of national income. Thereby, the model is able to examine both the medium-term stability conditions of the economy via the evolution of the sectoral financial balances and the implications of functional income distribution on the growth prospects of the economy at hand. The model is then applied to the Greek economy. The empirical results indicate that the Greek economy has a significant structural competitiveness deficit, while the institutional regime is likely debt-led. The policies implemented in the context of the economic adjustment programs were highly inappropriate, triggering private sector insolvency. A minimum wage increase is projected to have a positive impact on output growth and employment. However, policies that would enhance the productive sector's structural competitiveness are required in order to ensure the growth prospects of the Greek economy.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 949
- Klassifikation
-
Wirtschaft
Aggregate Factor Income Distribution
Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation: Models and Applications
Labor Economics Policies
- Thema
-
Stock-Flow Consistent
Labor Market Institutions
Internal Devaluation
Functional Income Distribution
Greece
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Pierros, Christos
- Ereignis
-
Veröffentlichung
- (wer)
-
Levy Economics Institute of Bard College
- (wo)
-
Annandale-on-Hudson, NY
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Pierros, Christos
- Levy Economics Institute of Bard College
Entstanden
- 2020
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