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Essays on secular stagnation, income and wealth distribution, and employment

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dc.contributor.authorCruz Luzuriaga, Manuel David, author
dc.contributor.authorTavani, Daniele, advisor
dc.contributor.authorVasudevan, Ramaa, advisor
dc.contributor.authorBraunstein, Elissa, committee member
dc.contributor.authorKoontz, Stephen, committee member
dc.date.accessioned2023-08-28T10:28:58Z
dc.date.available2023-08-28T10:28:58Z
dc.date.issued2023
dc.description.abstractAfter the publication of Piketty's Capital in the XXI Century and Robert Gordon's The Rise and Fall of American Growth, mainstream economics has shifted its attention to the distribution of income and wealth and how they interact with economic growth. This dissertation focuses on the interaction between distribution and secular stagnation, as well as the ultimate long run effects on employment at the macro level. The first chapter empirically investigates the short -and long- run interaction between labor productivity and real wages and their ultimate impact on the labor market for a panel of 25 OECD countries. The second chapter presents a theoretical and empirical model of secular stagnation, income and wealth distribution, and employment in the Classical-Marxian tradition. In this model, institutional or technological shocks to income distribution lower the wage share, increase wealth inequality, and decrease the income-capital ratio in the long run. The ultimate effect on long run employment depends on the relative strength of the response of labor-augmenting technical change vis-à-vis the response of real wage growth to labor market institutions. An empirical test of the model using time-series data for the US (1960-2019) appears to support its main implications. The third chapter extends the second chapter's model by endogenizing the growth rate of the labor force to employment in an open economy. The model is more appropriate for economies at the low or middle stages of development, where the labor force depends significantly on demographic factors like high variations in the birth rate or immigration. I then empirically test the model using time-series data from China (1990-2019) and India (1970-2019) to validate the framework.
dc.format.mediumborn digital
dc.format.mediumdoctoral dissertations
dc.identifierCruzLuzuriaga_colostate_0053A_17851.pdf
dc.identifier.urihttps://hdl.handle.net/10217/236914
dc.languageEnglish
dc.language.isoeng
dc.publisherColorado State University. Libraries
dc.relation.ispartof2020-
dc.rightsCopyright and other restrictions may apply. User is responsible for compliance with all applicable laws. For information about copyright law, please see https://libguides.colostate.edu/copyright.
dc.subjectemployment
dc.subjectreal wages
dc.subjectwage share
dc.subjectlabor productivity
dc.subjectdistribution
dc.subjectsecular stagnation
dc.titleEssays on secular stagnation, income and wealth distribution, and employment
dc.typeText
dcterms.rights.dplaThis Item is protected by copyright and/or related rights (https://rightsstatements.org/vocab/InC/1.0/). You are free to use this Item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s).
thesis.degree.disciplineEconomics
thesis.degree.grantorColorado State University
thesis.degree.levelDoctoral
thesis.degree.nameDoctor of Philosophy (Ph.D.)

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