The aim of this paper is to add to current debates on the efficiency of economic stabilization policies through an analysis of the conception of business cycles developed by Minsky in his earliest work at the end of the 1950s.

In post-war macroeconomics, economic dynamics generally refers to two distinct phenomena, economic growth and business cycles, which implies the existence of a strict dichotomy between short run and long-run analysis. In this paper we focus on two original exceptions to this prevailing view...

In this paper, we put forward a neo-Kaleckian model of growth and dsitribution. We introduce two different types of public expenditure: government consumption expenditure and public provision of capital; and we study the effects on equilibrium capacity utilisation and growth. Two different cases...

There is a short period, at the eve of the Second World War, where the development of macroeconomic theory pushed imperfect competition to the fore. During this period called by Shackle the ‘years of high theory’, many issues concerning income distribution and the trade cycle were raised....

Kaldor presents his analysis of the distribution as a Keynesian theory. His work is inspired by Keynes’ contributions, in the Treatise on Money, and by Kalecki. However, while Keynes and Kalecki develop analyses of short period, Kaldor studies a long period equilibrium so that the mechanism on...

This paper aims at analysing the role of uncertainty in Keynes theory of involuntary unemployment. This concept has no role in the model of Keynes resulting from the neoclassic synthesis: a result of unvoluntary unemployment equilibrium is obtained as to the violation of Walras law. Section 1...

This article presents a Neo-Kaleckian model with debt in which complete saving behaviours are taken into account. First, we analyse the short-run equilibrium values and the comparative static of the model in a standard way. Then, we examine the long-run results when the debt ratio is endogenous...

The present study centres on Meade's Simplified Keynesian Model (1937) presented in 1936. The objective of this paper is to show that Meade's model foreshadows the studies (Kalecki (1944), Tobin (1975)) which refute wage rigidity as the benchmark between Keynesian and Classical models. In...

In this short note, we wonder on the opportunity to express Keynes's central message with a static model. Because the phenomena described by Keynes are dynamic, especially the ones described in chapter 19 of the General Theory, we think that they must be analysed with a dynamic model. Deciding...

This article underlines the restrictive perspective of the neo-keynesian research program of "microdoundations of unemployment", compared to the keynesian project of a general theory which would marginalize the classical cases. This neo-keynesian program has first restricted the interpretation...