Asada, Toichiro; Flaschel, Peter; Skott, Peter - Department of Economics, University of Massachusetts-Amherst - 2005
The KMG growth dynamics in Chiarella and Flaschel (2000) assume that wages, prices and quantities adjust sluggishly to disequilibria in labor and goods markets. This paper modifies the KMG model by introducing Steindlian features of capital accumulation and income distribution. The resulting...
