21,777 research outputs found

    The Continuous Tower of Scalar Fields as a System of Interacting Dark Matter -- Dark Energy

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    This paper aims to introduce a new parameterisation for the coupling Q in interacting dark matter and dark energy models by connecting said models with the Continuous Tower of Scalar Fields model. Based upon the existence of a dark matter and a dark energy sectors in the Continuous Tower of Scalar Fields, a simplification is considered for the evolution of a single scalar field from the tower, validated in this paper. This allows for the results obtained with the Continuous Tower of Scalar Fields model to match those of an interacting dark matter - dark energy system, considering that the energy transferred from one fluid to the other is given by the energy of the scalar fields that start oscillating at a given time, rather than considering that the energy transference depends on properties of the whole fluids that are interacting.Comment: 11 pages, 4 figure

    Addressing the Financial Crisis Requires Improvements in Equity

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    The Rising Risks of Mortgage and Consumer Credit in Middle-Income Economies

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    Demand, Production, and the Determinants of Distribution: A Caveat on "Wage-Led Growth"

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    The incomes of workers and capitalists pertain to different moments of accumulation. Wages are shares of capital outlays sustaining production; profits are shares of commodity sales. If aggregate demand and the scale of productive undertakings are shaped with a measure of mutual autonomy, the class distribution of income and the measure of economic activity are jointly determined by the same processes. In those settings “wage-led growth” has neither analytical nor policy purchase as associations between wage shares and levels of output (or growth) are confounded consequences of distinct effects on each measure of broader developments in the economy. A more appropriate dichotomy is that between “investment-led” and “consumption-led” growth, with the former resulting in comparatively higher wage shares. After advancing and illustrating these points, this paper motivates its approach to class income flows and the role of demand--which draw on the Circuit of Capital--in relation to the equivalent Kaleckian approaches sustaining arguments for “wage-led growth”

    Family Labor Supply and Aggregate Saving

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    I study the impact of idiosyncratic risk on savings and employment in a small open economy populated by two-member families. Families incur a fixed cost of participation when both members are employed. Because of market incompleteness and information asymmetries, this cost coupled with labor market frictions can generate multiple equilibria. In particular, there might be one equilibrium with high employment and low saving and another one with low employment and high saving. The model predicts that aggregate saving and employment rates are negatively correlated across countries. I present empirical evidence that supports the general equilibrium prediction of the modelSaving ; Employment ; Family labor supply ; Multiple equilibria

    At the Heart of the Matter: Household Debt in Contemporary Banking and the International Crisis

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    This paper considers the nature and role of household indebtedness in contemporary banking and the current financial and economic crises. It offers a concise empirical exposition of the centrality of household lending and related financial services to leading banking institutions and to the credit systems of a number of advanced and middle-income economies. It also offers socioeconomic characterizations of this debt and its macroeconomic significance from the standpoint of Marxist political economy, affording two distinctive insights. First, the concrete social content of household debt over the past two decades has helped ensure this lending remained highly profitable to lenders, making it a natural vehicle for destabilizing capital-market competition. Second, a crisis characterized by record levels of over-indebted wage-earning households is likely to pose distinctive difficulties to a process of market-based recovery. While the destruction of capital values during a crisis lays the basis for the eventual restoration of profitability and solvency for some enterprises, over-indebted wage-earning households face no analogous opportunity. Without new speculative asset-price bubbles, the restoration of their financial stability hinges on reductions in consumption or increases in wages, both of which present obstacles to a market-based process of economic recovery.
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