The Granger-Causality behind approaching Aggregate Demand as Disposable Income in the presence of structural breaks: Does debt acceleration really make a difference?
- Authors
- Villa Cox, Gonzalo Gabriel
- Format
- MasterThesis
- Status
- publishedVersion
- Description
In this paper we look deeper into the statistical properties of an out of mainstream approach of measuring aggregate demand by the sum of real GDP and the changes in the stock of debt, as described in Keen (2011). We are interested in integrating this approach into a more orthodox framework, by naming this variable ?Disposable Income? rather than aggregate demand. The business cycle is thus defined by the sum of changes in GDP and changes in the flow of credit, which Keen calls ?debt acceleration?.
- Publication Year
- 2012
- Language
- spa
- Topic
- STRUCTURAL BREAKS
GRANGER-CAUSALITY
MACROECONOMIC INDICATORS
MACROECONOMIC VARIABLES
- Repository
- Repositorio SENESCYT
- Rights
- openAccess
- License
- openAccess