This paper is linked to some recent attempts at including a non-capacity creating autonomous expenditure category as the driver and determinant of growth into Kaleckian distribution and growth models. Whereas previous contributions have focussed on taming Harrodian instability, generated by the...

In this paper, we examine the effects of introducing constraints on government borrowing using a continuous-time overlapping generations model of a small open economy. We consider government placing constraints on the amount of government bonds outstanding by establishing an upper limit, or...

Frontmatter -- Contents -- List of Figures -- List of Tables -- Preface -- Main Symbols -- Part I. From the Short Run to the Long -- 1 Introduction: Toward a Classical Growth Model -- 2 The Nature of the Long Run -- Part II. Long-run Models of Fiscal Policy -- 3 A Two-Class Model -- 4 Saving and...