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"Growth with Unused Capacity and Endogenous Depreciation"
Patriarca, Fabrizio; Sardoni, Claudio - Levy Economics Institute - 2014
This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in …
Persistent link: https://www.econbiz.de/10010757312
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"The (Normal) Rate of Capacity Utilization at the Firm Level"
Nikiforos, Michalis - Levy Economics Institute - 2012
This paper examines the endogeneity (or lack thereof) of the rate of capacity utilization in the long run at the firm level. We provide economic justification for the adjustment of the desired rate of utilization toward the actual rate on behalf of a cost-minimizing firm after examining the...
Persistent link: https://www.econbiz.de/10010627288
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"An Alternative View of Finance, Saving, Deficits, and Liquidity"
Wray, L. Randall - Levy Economics Institute - 2009
This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive United States trade deficits that are supposed to have "soaked up" global savings....
Persistent link: https://www.econbiz.de/10008531421
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"Distribution-led Growth in the Long Run"
Nikiforos, Michalis - Levy Economics Institute - 2014
The paper examines the long-run fluctuations in growth and distribution through the prism of wage-and profit-led growth …. We argue that the relation between distribution of income and growth changes over time. We propose an endogenous …€“prey model, but with a reversal of the roles for predator and prey: the growth rate acts as the predator and the distribution of …
Persistent link: https://www.econbiz.de/10011141194
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"The Crisis of Finance-dominated Capitalism in the Euro Area: Deficiencies in the Economic Policy Architecture and Deflationary Stagnation Policies"
Hein, Eckhard - Levy Economics Institute - 2012
increasing inequality of income distribution and the rising imbalances of current accounts. Against this background, the euro …
Persistent link: https://www.econbiz.de/10010583878
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"Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model"
Tcherneva, Pavlina R. - Levy Economics Institute - 2012
and income distribution. This is an approach a la Hyman P. Minsky, who argued that in the modern era, government is both …
Persistent link: https://www.econbiz.de/10009645847
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"Effective Demand in the Recent Evolution of the US Economy"
Lopez-Gallardo, Julio; Reyes-Ortiz, Luis - Levy Economics Institute - 2011
We present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki. Our inference comes from a statistically well-specified VAR model constructed on a quarterly basis from 1980 to 2008. US output is our variable of interest, and it...
Persistent link: https://www.econbiz.de/10009148874
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"Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis"
Ekinci, Nazim Kadri - Levy Economics Institute - 2011
The paper provides a novel theory of income distribution and achieves an integration of monetary and value theories … closes the circuit of fixed capital can be solved for prices, implying a definitive income distribution. Accordingly, the …
Persistent link: https://www.econbiz.de/10009024924
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"Uncertainty and Contradiction: An Essay on the Business Cycle"
Nikiforos, Michalis - Levy Economics Institute - 2013
This paper presents a discussion of the forces at play behind the economic fluctuations in the medium run and their relation with the short-run macroeconomic equilibrium. The business cycle is the result of two separate phenomena. On the one hand, there is the instability caused by the...
Persistent link: https://www.econbiz.de/10010862117
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"Distribution and Growth: A Dynamic Kaleckian Approach"
Patriarca, F.; Sardoni, C. - Levy Economics Institute - 2011
This paper studies the effects of an (exogenous) increase of nominal wages on profits, output, and growth. Inspired by an article by Michal Kalecki (1991), who concentrated on the effects on total profits, the paper develops a model that explicitly considers the dynamics of demand, prices,...
Persistent link: https://www.econbiz.de/10010627285