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This paper argues that Hyman Minsky's financial instability hypothesis weaves together a medium term Keynesian approach … Schumpeter (1939) and Kondratieff. Post Keynesians have devoted considerable attention to the medium term dimension of Minsky …'s thinking. The current paper concentrates on the long swing dimension and introduces the idea of "Minsky super-cycles." It is …
Persistent link: https://www.econbiz.de/10010460476
This paper argues that Hyman Minsky's financial instability hypothesis weaves together a medium term Keynesian approach … Schumpeter (1939) and Kondratieff. Post Keynesians have devoted considerable attention to the medium term dimension of Minsky …'s thinking. The current paper concentrates on the long swing dimension and introduces the idea of "Minsky super-cycles." It is …
Persistent link: https://www.econbiz.de/10005026913
A Dynamic Stochastic Labor-Market Disequilibrium (DSLMD) model is proposed for Keynesian business cycle analysis. It shares the type of micro-foundation known from neoclassical Dynamic Stochastic General Equilibrium (DSGE) models but characterizes economic mechanisms consistent with Traditional...
Persistent link: https://www.econbiz.de/10011372380
This paper studies the implications of heterogeneous capital gain expectations on output andasset prices. We consider a …
Persistent link: https://www.econbiz.de/10011984254
We study a demand-driven growth and distribution model with a public sector, both without and with government debt. Government spending is used to finance the accumulation of public capital and to pay wages to public employees. The interaction between public capital and induced technical change...
Persistent link: https://www.econbiz.de/10011498364
with an investment function very close to Kalecki's original writings. The effects of interest rate variations on the short …-run equilibrium values of capacity utilisation, capital accumulation and the rate of profit are derived, and the long run effects on …
Persistent link: https://www.econbiz.de/10010460432
In a Kaleckian monetary distribution and growth model with conflict inflation we assess the role of a Non Accelerating Inflation Rate of Unemployment (NAIRU). The short run stability of a NAIRU is examined taking into account real debt effects of accelerating and decelerating inflation, and the...
Persistent link: https://www.econbiz.de/10010460435
In Kaleckian models of distribution and growth the equilibrium rate of capacity utilisation may persistently diverge from the 'normal rate' of utilisation. We assess this problem following the approach by Dumenil/Levy (1999) who consider the 'normal rate' of utilisation in a monetary production...
Persistent link: https://www.econbiz.de/10010460437
growth model for an open economy inspired by Bhaduri/Marglin (1990), which allows for profit- or wage-led growth. We find … that growth in France, Germany, the UK, and the USA has been wage-led, whereas Austria and the Netherlands have been profit …-led. In the case of Austria a domestically wage-led economy is turned profit-led when including the effect of distribution on …
Persistent link: https://www.econbiz.de/10010460445
by Bhaduri/Marglin (1990), which allows for profit- or wage-led growth. First, the authors apply a single equation …
Persistent link: https://www.econbiz.de/10010460446