The effects of income distribution and fiscal policy on aggregate demand, investment and the budget balance: the case of Europe
构建了一个包含政府角色的多国后凯恩斯模型，估计了收入分配和财政政策对欧盟15国总需求组成部分及预算平衡的影响，发现工资份额和政府支出同步增加会提振经济并改善预算。
Abstract This paper develops a multi-country post-Kaleckian model that incorporates the role of the government. One key novelty of the model is that it integrates cross-country effects of changes in both income distribution and fiscal policy. The model is used to estimate econometrically the effects of income distribution and fiscal policy on the components of aggregate demand and the budget balance in EU15 countries. The results show that a simultaneous increase in the wage share in all EU15 countries would increase demand and the primary budget balance in all countries. A simultaneous increase in government spending turns out to boost economic activity in all the EU15 countries, indicating the positive economic effects of expansionary fiscal policy. Moreover, a progressive tax policy that would be implemented simultaneously at the EU level would lead to an increase in output in all countries.