Arbeitspapier
Class struggle and economic fluctuations: VAR analysis of the post-war U.S. economy
Building on Marx's insights in Chapter 25, Volume I of Capital, an augmented version of the cyclical profit squeeze (CPS) theory offers a plausible explanation of macroeconomic fluctuations under capitalism. The pattern of dynamic interactions that emerges from a 3-variable (profit share, unemployment rate and nonresidential fixed investment) vector autoregression estimated with quarterly data for the postwar U.S. economy is consistent with the CPS theory for the regulated (1949Q1 - 1975Q1) as well as for the neoliberal periods (starting in 1980 or in 1985). Hence, the CPS mechanism seems to be in operation even under neoliberalism.
- Language
-
Englisch
- Bibliographic citation
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Series: Working Paper ; No. 2012-02
- Classification
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Wirtschaft
Current Heterodox Approaches: Socialist; Marxian; Sraffian
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- Subject
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cyclical profit squeeze
vector autoregression
- Event
-
Geistige Schöpfung
- (who)
-
Basu, Deepankar
Chen, Ying
Oh, Jong-seok
- Event
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Veröffentlichung
- (who)
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University of Massachusetts, Department of Economics
- (where)
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Amherst, MA
- (when)
-
2012
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Basu, Deepankar
- Chen, Ying
- Oh, Jong-seok
- University of Massachusetts, Department of Economics
Time of origin
- 2012
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