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Income and Wealth Effects on Private-Label Demand: Evidence from the Great Recession

Jean-Pierre Dubé, Günter J. Hitsch, Peter E. Rossi
2018 Marketing science (Providence, R.I.)  
We measure the causal effects of income and wealth on the demand for private-label products.  ...  Prior research suggests that these effects are large and, in particular, that private-label demand rises during recessions.  ...  The question of income and wealth effects on private-label demand has received renewed attention during and after the Great Recession (the NBER dates this recession from December 2007 to June 2009).  ... 
doi:10.1287/mksc.2017.1047 fatcat:q74lsm6ivzay3bxu77zybgj7la

Precautionary Saving and Aggregate Demand

Edouard Challe, Julien Matheron, Xavier Ragot, Juan Francisco Rubio-Ramirez
2015 Social Science Research Network  
For the Great Recession, we find evidence of a powerful feedback loop between idiosyncratic unemployment risk and consumption demand, so that the aggregate demand effect of time-varying precautionary saving  ...  Using the estimated model to measure the contribution of precautionary savings to the propagation of recent recessions, we find strong aggregate demand effects during the Great Recession and the 1990-1991  ...  For the Great Recession, we find evidence of a powerful feedback loop between idiosyncratic unemployment risk and consumption demand, so that the aggregate demand effect of time-varying precautionary saving  ... 
doi:10.2139/ssrn.2552517 fatcat:viua5mpk6bbehaoxolikovv52a

: ......... Demand-Side Economics [chapter]

2015 The Political Economy of Reaganomics  
What we need are not labels and cliches but more basic discussion o f the sophisti cated and technical questions involved in keeping a great eco nomic machinery moving ahead . . . political labels and  ...  Government regulations, income transfer and social insurance programs, and the inhibiting tax effects on capital accumulation had sapped the vitality of capitalism.  ...  The chances are that Reaganomics will ignore the contradictions and borrow from all three simultane ously in varying combinations depending on which way the politi cal winds are blowing.  ... 
doi:10.4324/9781315639253-10 fatcat:zieorgbxozczlmw4gt7dkobwvq

Household Income, Demand, and Saving: Deriving Macro Data With Micro Data Concepts

Barry Z. Cynamon, Steven M. Fazzari
2015 The Review of Income and Wealth  
We develop adjustments to align the NIPA measures of key household flows with cash flow  ...  One explanation for the Great Recession advanced by many economists is that a historic collapse of household demand was to blame for the recession itself and the slow recovery.  ...  In other work (Cynamon and Fazzari, 2008 updated in Cynamon and Fazzari 2013) we labeled the period from the mid 1980s up until the Great Recession the "Consumer Age" due to the significant rise in the  ... 
doi:10.1111/roiw.12206 fatcat:5fjuqwfcfrgnbel5v654vvhekm

Crisis Recovery Determinants: Evidence from the Great Recession

Árni Ólafsson
2017 unpublished
Moreover, I find substantial negative effects on growth through regional contagion after the Great Recession, in particular on the European continent.  ...  This thesis analyzes the effects of different macroeconomic determinants on recovery speeds from the 2008 financial crisis.  ...  , and the governments needed Iceland USA Greece greatly depressed by the recession because of the increased unemployment and wealth lost through the decrease in housing prices.  ... 
fatcat:pf4gi2qfgjalfma2bnh55xlw7e

Income Distribution, Household Debt, and Aggregate Demand: A Critical Assessment

J. W. Mason
2018 Social Science Research Network  
ABSTRACT During the period leading up to the recession of 2007-08, there was a large increase in household debt relative to income, a large increase in measured consumption as a fraction of GDP, and a  ...  And how has the distribution of consumption spending changed relative to the distribution of income?  ...  consumption among the richperhaps driven by a wealth effect from capital gains-rather than on debt-financed consumption among the bottom 95 percent.  ... 
doi:10.2139/ssrn.3137118 fatcat:onjtrv2ijra6rihvgxpdnw5kji

Effective Demand in the Recent Evolution of the US Economy

Julio Lopez-Gallardo, Luis Reyes-Ortiz
2011 Social Science Research Network  
ABSTRACT We present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki.  ...  US output is our variable of interest, and it depends (in our specification) on (1) the wage share, (2) OECD GDP, (3) taxes on corporate income, (4) other budget revenues, (5) credit, and the (6) interest  ...  We assume private consumption and private investment depend on income and on the share of wages in the value added.  ... 
doi:10.2139/ssrn.1864149 fatcat:rlqxuziy6jc6re43pytmvj3wum

Does Financial Market Development Explain (or at Least Predict) the Demand for Wealth Management and Private Banking Services in Developing Markets?

Bryane Michael, Christopher Hartwell, Gary Ho
2013 Social Science Research Network  
Abstract: How should wealth managers and private bankers find and serve the wealthy -particularly in developing countries?  ...  If wealth management and private banking follow general trends affecting the broader financial sector, their business also grows wealth in less advanced economies.  ...  Such tests tell us a great deal about the development of wealth management and private banking.  ... 
doi:10.2139/ssrn.2206800 fatcat:eg6frxegnncfdc4vo5yfxzfu5i

Wage-led versus profit-led demand: what have we learned? A Kaleckian–Minskyan view

Engelbert Stockhammer
2017 Review of Keynesian Economics  
At least in the recent past, financial effects on demand have been much larger in size than distribution effects.  ...  While neo-Kaleckians interpret the model as a mediumterm, partial-equilibrium goods market model, neo-Goodwinians are interested in the interaction of demand and distribution and regard the model as a  ...  This sum is private excess demand, that is, the change in demand caused by a change in income distribution given a certain level of income.  ... 
doi:10.4337/roke.2017.01.03 fatcat:rbfi7zj4snahneiaqu3hvb2sgu

Effective Demand in the Recent Evolution of the U.S. Economy

López G. Julio, Luis Reyes Ortiz
2013 International Journal of Political Economy  
ABSTRACT We present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki.  ...  US output is our variable of interest, and it depends (in our specification) on (1) the wage share, (2) OECD GDP, (3) taxes on corporate income, (4) other budget revenues, (5) credit, and the (6) interest  ...  We assume private consumption and private investment depend on income and on the share of wages in the value added.  ... 
doi:10.2753/ijp0891-1916420105 fatcat:4cf4oy6hnfg27g2j35asntjn74

Racial Justice Demands Truth & Reconciliation

Michael Anthony Lawrence
2018 Social Science Research Network  
The Negro race in America, stolen, ravished and degraded, struggling up through difficulties and oppression, needs sympathy and receives criticism; needs help and is given hindrance, needs protection and  ...  is given mob-violence, needs justice and is given charity, needs leadership and is given cowardice and apology, needs bread and is given a stone.  ...  ." 270 The effects of the TRC's shortcomings in this area are evident in the dire circumstances of many black South Africans today.  ... 
doi:10.2139/ssrn.3147063 fatcat:5hcjs6jumzh2nhn7boo3iizh3u

Monetary policy and consumers' demand

Lilia Cavallari
2020 Economic Modelling  
This paper puts to scrutiny the way monetary policy propagates its effects and the way it should be conducted, focusing on the behavior of consumers.  ...  They are based on a novel mechanism of intertemporal substitution, whereby consumers have a weak incentive to smooth out the effects of income fluctuations.  ...  Ample evidence documents that the marginal propensity to consume out of disposable income differs across the income and wealth distribution. 2 The propensity to consume is negatively related with the  ... 
doi:10.1016/j.econmod.2020.06.022 fatcat:vwrqi5p6fjhadfhacorwi3l2j4

The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class

Servaas Storm
2017 Social Science Research Network  
The two diseases have a common root in the demand shortfall, originating from the "unbalanced" growth between technologically "dynamic" and "stagnant" sectors.  ...  The U.S. economy is widely diagnosed with two "diseases": a secular stagnation of potential U.S. growth and rising income and job polarization.  ...  At the firm level, the Kaldor-Verdoorn effect captures the impact of what Jacob Schmookler (1966) labelled "demand-pull" innovations.  ... 
doi:10.2139/ssrn.2993957 fatcat:fpgwqkimnbauxahd2ugb3msr5e

The New Normal: Demand, Secular Stagnation, and the Vanishing Middle Class

Servaas Storm
2017 International Journal of Political Economy  
The two diseases have a common root in the demand shortfall, originating from the "unbalanced" growth between technologically "dynamic" and "stagnant" sectors.  ...  The U.S. economy is widely diagnosed with two "diseases": a secular stagnation of potential U.S. growth and rising income and job polarization.  ...  At the firm level, the Kaldor-Verdoorn effect captures the impact of what Jacob Schmookler (1966) labelled "demand-pull" innovations.  ... 
doi:10.1080/08911916.2017.1407742 fatcat:37rmg2bixngbddeao5itebfw4e

Audit Exemption and the Demand for Voluntary Audit: A Comparative Study of the UK and Denmark

Jill Collis
2010 International Journal of Auditing  
Empirical data for the study were drawn from government surveys of the directors of small private companies in both countries, which were based on same research instrument.  ...  This study investigates the sufficiency of turnover as a surrogate for demand for voluntary audit and compares the determinants in the UK and Denmark.  ...  University, Uxbridge, UK) for helpful comments on the first draft of this paper.  ... 
doi:10.1111/j.1099-1123.2010.00415.x fatcat:zxvlo7dqybcvtjw7eoy2nxfs3y
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