This paper contributes to the literature on secular stagnation by estimating a measure of potential output growth for the post-war US economy derived from a novel model specification that allows for the cyclical interactions between income distribution, represented by the trajectory of the labor...

A longstanding criticism to Keynesian and Kaleckian growth theories is the question: why would firms operating with underutilized capacity still accumulate capital stock? This paper offers an answer by analyzing the choice of capacity utilization and accumulation in a strategic setting. The...

This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the...

A feature of Kaleckian models of distribution and growth that is often overlooked is that they describe a nonlinear relation between functional income distribution and demand and growth, because the size of the multiplier is affected by redistribution from wages to profits and vice versa. This...

This contribution provides a review of recent considerations of wage inequality in Kaleckian models of distribution and growth. On the one hand, we address modelling approaches in which a distinction is made between managers and workers, where the salaries of the former are treated as overhead...

As well-known, the canonical Neo-Kaleckian growth model fails to reconcile actual and normal rates of utilization in equilibrium. Some recent contributions revive an old proposal for solving this problem - making the normal rate of utilization an endogenous variable that converges to the actual...

The empirical literature on neo-Goodwinian models of growth and distribution still lacks an explicit treatment of capital accumulation. Further, and across different theoretical approaches, residential investment is seen as a critical driver of the business cycle. This paper addresses these two...

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...

We provide a general theoretical characterization of how technology choice affects the long-run elasticity of substitution between capital and labour. While the shape of the technology frontier determines the long-run growth path and the long-run elasticity, adjustment costs in technology choice...