Monetary interest rates, income shares, and investment : theory and empirical evidence for France, Germany, the UK, and the USA

Hein, Eckhard; Ochsen, Carsten

Monetary interest rates, income shares, and investment : theory and empirical evidence for France, Germany, the UK, and the USA

dc.contributor.author	Hein, Eckhard	de
dc.contributor.author	Ochsen, Carsten	de
dc.date.accessioned	2024-04-08T08:43:54Z
dc.date.available	2024-04-08T08:43:54Z
dc.date.created	2010-04-27
dc.date.issued	2000
dc.description.abstract	Monetary analysis requires the introduction of monetary variables into the determination of the equilibrium values of real variables such as production, income, distribution, and accumulation. Contrary to Keynes?s research program of a ?monetary theory of production?, neither the older post-Keynesian models of growth and distribution (Kaldor, J. Robinson) nor the models based on the work by Kalecki and Steindl take account of monetary variables in a sufficient way. Starting from a Kaleckian effective demand model by Bhaduri & Marglin, the first part of this paper deals with the effects of an exogenous variation in the monetary interest rate on the real equilibrium position of the economic system. Different regimes of accumulation are derived and it is shown that a negative relation between the interest rate and the equilibrium rates of capacity utilisation, accumulation and profit usually expected in post-Keynesian theory only exists under special conditions. The second part of the paper applies the model to the data of some major OECD-countries and studies the effects of the monetary interest rate on distribution and investment within different regimes of accumulation, the ?golden age?- and the ?post-golden-age?-?social structure of accumulation?. This discussion also gives an explanation for stagnating capital formation and rising unemployment since the mid 1970s.	en
dc.identifier.swb	322323428
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5345
dc.identifier.urn	urn:nbn:de:bsz:100-opus-4607
dc.language.iso	eng
dc.relation.ispartofseries	Schriftenreihe des Promotionsschwerpunkts Globalisierung und Beschäftigung; 11
dc.rights.license	publ-ohne-pod	en
dc.rights.license	publ-ohne-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subject.ddc	330
dc.subject.gnd	Geldtheorie	de
dc.title	Monetary interest rates, income shares, and investment : theory and empirical evidence for France, Germany, the UK, and the USA	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.faculty.number	3	de
local.institute.number	520alt	de
local.opus.number	460
local.series.issueNumber	11
local.series.title	Schriftenreihe des Promotionsschwerpunkts Globalisierung und Beschäftigung
local.university	Universität Hohenheim	de
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institut für Volkswirtschaftslehre (bis 2010)	de

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