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...

The aim of this paper is to explore a parallelism between two episodes in the history of economic thought in order to suggest that the interaction between them can contribute to the research on Kaleckian growth and distribution models. First, a brief summary of the theoretical development from...

For a selected group of Latin America countries we estimated the parameters of convergence equations on the basis of annual data. We test cross-country heterogeneity of parameters within a system of Seemingly Unrelated Regression Equations (SURE) that departures from standard approach utilizing...

This study explores the effect of inflation on income inequality in a growth model with variety expansion and menu costs. Inflation is found to determine income inequality via both asset-value and interest-rates effects. Our numerical analyses show that higher inflation turns these effects...