Productivity, real exchange rate, and aggregate demand: An empirical exercise applied to Brazil from 1960 to 2011

被引:5
作者
Alencar, Douglas Alcantara [1 ]
Jayme, Frederico G., Jr. [2 ]
Britto, Gustavo [2 ]
机构
[1] Fed Univ Para, Dept Econ, Belem, Para, Brazil
[2] Univ Fed Minas Gerais, Dept Econ, Belo Horizonte, MG, Brazil
关键词
Aggregate demand; post Kaleckian; productivity; real exchange rate; real wages; INCOME-DISTRIBUTION; ECONOMIC-GROWTH; MODEL;
D O I
10.1080/01603477.2017.1423233
中图分类号
F [经济];
学科分类号
02 ;
摘要
This research analyzes, from a post Kaleckian perspective, the interactions among the aggregate demand, the real exchange rate, productivity, and real wages in the Brazilian economy from 1960 to 2011. It adopts the longstanding perspective that demand is the driver of capital accumulation and economic growth. The research comprises the following steps: (a) a critical assessment of the growth regime literature, with a particular emphasis on issues related to productivity and the real exchange rate; (b) understanding the relationship between the real exchange rate and the productivity and growth regimes; (c) proposing a theoretical model that relates the real exchange rate, productivity, and the growth regime; and (d) an empirical test of the interaction between the real exchange rate, productivity, and the growth regime. Theoretically the study develops a model showing the interactions between the aggregate demand, the real exchange rate, productivity, and real wages. Furthermore, this research attempts to address the lack of theoretical and empirical studies about the relationship between the aggregate demand, the real exchange rate, productivity and real wages.
引用
收藏
页码:455 / 477
页数:23
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