In the present paper we explicitly introduce interest payments and debt into a Kaleckian distribution and growth model 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,...

Im Rahmen eines monetären kaleckianischen Verteilungs- und Wachstumsmodells mit Konflikt-Inflation wird in dieser Arbeit die Rolle einer Non-Accelerating-Inflation-Rate-of-Unemployment (NAIRU) analysiert. Die kurzfristige Stabilität der NAIRU wird untersucht, indem die Effekte von steigenden...

We review recent attempts to integrate 'financialisation' processes into Post-Keynesian distribution and growth models and distinguish three principal channels of influence: 1. objectives and finance restrictions of firms, 2. new opportunities for households' wealth-based and debt-financed...

Empirical research based on the Bhaduri/Marglin-variant of the Kaleckian model has recently shown that aggregate demand in many medium-sized and large open economies tends to be wage-led in the medium to long run, even in a period of increasing globalisation. In this paper we extend this type of...

Into an analytical stock-flow consistent Post-Kaleckian distribution and growth model the following transmission channels of 'financialisaton' are integrated. 1. 'Financialisation' is assumed to affect distribution between firms and rentiers in the short run, and distribution between capital and...

Inside Debt and Economic Growth: A Cambridge - Kaleckian Analysis Abstract Inside debt is a fundamental feature of capitalist economies. This paper examines the growth effects of consumer and corporate debt using a Cambridge - Kaleckian growth framework. According to the Cambridge - Kaleckian...

The labour share of income in national product has shown a declining trend in many advanced economies over the past 30 years. However, many economists still hold the view that the wage share remains almost constant in the long run. The notion of the relative stability of the wage share in the...

This paper examines the effects of managerial pay on the Post Keynesian model of growth and distribution. Introducing managerial pay explains why economies may exhibit both wage- and profit-led characteristics in response to changed incomedistribution. Second, managerial pay undoes Pasinetti's...

The macroeconomic effects of "financialisation" are assessed applying two different variants of a Kaleckian model of distribution and growth. The focus is on the effects of changes in distribution between shareholders/rentiers, firms and workers, as well as on the effects of increasing...

This paper examines the relationship between inequality and growth in the neo-Kaleckian and Cambridge growth models. The paper explores the channels whereby functional and personal income distribution impact growth. The growth - inequality relationship can be negative or positive, depending on...