The estimation of aggregate demand and supply curves for labour in the UK

1981 ◽  
Vol 13 (3) ◽  
pp. 389-398 ◽  
Author(s):  
P. E. T. Lewis ◽  
G. H. Makepeace
Keyword(s):  
Aggregate Demand ◽  
Demand And Supply ◽  
The Uk

The International Economy: Bind or Boon?

2018 ◽  
Vol 246 ◽  
pp. R50-R63 ◽  
Author(s):  
Jagjit S. Chadha
Keyword(s):  
Aggregate Demand ◽  
Aggregate Fluctuations ◽  
Domestic Activity ◽  
Macroeconomic Dynamics ◽  
Demand And Supply ◽  
Factor Markets ◽  
The Uk ◽  
External Sector ◽  
The Impact ◽  
Modern Era

The Institute has long examined overseas developments in order to understand better domestic macroeconomic dynamics. The organising principle for much of the postwar period was simply the impact on net trade with an implicit view on whether the exchange rate was at an appropriate level and, as such, the external sector was viewed as a constraint on domestic activity. Increasingly integrated factor markets in the modern era of globalisation means that the overseas sector plays a fundamental role in the evolution of both aggregate demand and supply in the UK economy and it is increasingly hard to disentangle the overseas from the domestic sectors. It is not so much that we should reverse this integration but more how to design policy to limit any undesirable consequences on regional and income distribution, as well as aggregate fluctuations in activity.

scholarly journals Some Fallacies in Agricultural Economics: A Macroeconomic Interpretation

1982 ◽  
Vol 14 (1) ◽  
pp. 117-123 ◽  
Author(s):  
Mike Belongia ◽  
Douglas Fisher
Keyword(s):  
Agricultural Sector ◽  
Presidential Address ◽  
Aggregate Demand ◽  
Economic Behavior ◽  
Agricultural Economics ◽  
Macroeconomic Theory ◽  
Demand And Supply ◽  
The One ◽  
Monetary And Fiscal Policy

The relevance of macroeconomic theory to the analysis of economic behavior in the agricultural sector is a recurring theme in applied research in this area. On the one hand, it is possible to find the view that the agricultural sector should be treated in isolation as an independent market or set of markets not subject to the influences of changes in monetary and fiscal policy or (other) changes in aggregate demand and supply. On the other hand, it is also possible to find literal acceptance of the usefulness of macroeconomics—perhaps in the form of a particular version of the theory—with the controversial part surfacing in the particular view of macroeconomics and how it bears on (and is influenced by) agricultural markets. The fact that this dichotomy exists is highlighted by the contrasting views expressed recently by Breimyer (1981) and Tweeten. At the same time that Breimyer advocated that “macro-economics should be struck from the lexicon,” Tweeten chose to devote his AAEA Presidential address to a discussion of the implications of current developments in macroeconomic theory and policy for the agricultural sector; his particular emphasis is on the important role of “supply-side” macroeconomics.

DO GLOBAL CRUDE OIL MARKET SHOCKS HAVE DIFFERENTIAL EFFECTS ON US REGIONS?

2017 ◽  
Vol 23 (5) ◽  
pp. 1978-2008 ◽  
Author(s):  
Bebonchu Atems ◽  
Mark Melichar
Keyword(s):  
Crude Oil ◽  
Aggregate Demand ◽  
Personal Income ◽  
Oil Shocks ◽  
Demand And Supply ◽  
Demand Shocks ◽  
Industrial Composition ◽  
Oil Market ◽  
Supply Shocks ◽  
Market Shocks

The paper investigates whether US regions respond differently to shocks in the crude oil market. We disentangle oil market shocks into distinct demand and supply shocks and examine the response of regional personal income to these shocks. Results indicate that for most regions, oil supply shocks decrease real personal income. Except for the Rocky Mountains and the Southwest, global aggregate demand shocks are recessionary, typically about a year and a half after the shock. When we split our data into oil-producing and non-oil-producing regions, we find that global aggregate demand shocks have no effect on oil-producing regions but cause a decrease in income in non-oil-producing regions. Our analysis further indicates that oil-specific demand shocks have positive and persistent impacts on oil-producing regions but are recessionary in non-oil-producing regions. We also document significant asymmetries in the regional responses to small versus large oil shocks. In addition, the paper shows that regional differences in industrial composition explain some of the variation in the responses of real regional personal income to oil shocks.

scholarly journals Demand, dysfunction and distribution: The UK growth model from neoliberalism to the knowledge economy

2021 ◽  
pp. 136914812110580
Author(s):  
Nick O’Donovan
Keyword(s):  
Growth Model ◽  
Growth Models ◽  
Aggregate Demand ◽  
National Income ◽  
Knowledge Work ◽  
Broad Distribution ◽  
Distribution Of Wealth ◽  
Using Data ◽  
The Uk ◽  
Capital Ownership

Theories of ‘growth models’ explain capitalist diversity by reference to shifting drivers of aggregate demand in different national economies. This article expands the growth models framework beyond its conventional focus on debt-driven and export-driven demand, through an ideational analysis of Thatcher’s vision of a property-owning democracy, and Blair’s knowledge-driven growth agenda. Drawing on policymakers’ statements, it shows how these hypothetical growth models differed from the debt-driven growth model that ultimately prevailed. Using data on the distribution of wealth and wages, it highlights how both approaches failed to generate sustainable demand; in Thatcher’s case, because of an insufficiently broad distribution of capital ownership, in Blair’s case, because of an insufficiently broad distribution of lucrative knowledge work. This indicates that explanations of dysfunctional growth models need to consider not just the split of national income between labour and capital, but also the distribution of both labour income and capital income between households.

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