Financialisation, income distribution and aggregate demand in the USA
估计了食利者收入（股息和利息）及住房与金融财富对美国消费和投资的影响，发现收入向利润倾斜会抑制消费，但食利者收入和财富有正向效应；不考虑财富效应时，分配变化对总需求的影响为负，美国经济呈适度工资主导型。
This paper investigates the effects of financialisation and functional income distribution on aggregate demand in the USA by estimating the effects of the increase in rentier income (dividends and interest payments) and housing and financial wealth on consumption and investment. The redistribution of income in favour of profits suppresses consumption, whereas the increase in the rentier income and wealth has positive effects. A higher rentier income decreases investment. Without the wealth effects, the overall effect of the changes in distribution on aggregate demand would have been negative. Thus a pro-capital income distribution leads to a slightly negative effect on growth, i.e. the USA economy is moderately wage-led.