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Conflicting claims and equilibrium adjustment processes in a stock-flow consistent macro model
Dallery, Thomas; Treeck, Till van - 2008
treated as the (only possible) long-run equilibrium condition. The argument is illustrated in a model of target return pricing … be partly reconciled through variations in the utilisation rate. The analysis unifies history and equilibrium in the … sense that the nature of and the adjustment to the final equilibrium position depends on the objectives of the dominant …
Persistent link: https://www.econbiz.de/10003744546
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Fiscal policy under long-run stagnation: A new interpretation of the multiplier effect
Murota, Ryu-ichiro; Ono, Yoshiyasu - 2015
We develop a Keynesian cross analysis with a dynamic optimization setting that explains long-run stagnation caused by aggregate demand deficiency. We show that an increase in government purchases boosts GDP through a multiplier process, but the implication is quite different from the...
Persistent link: https://www.econbiz.de/10011421462
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A reinterpretation of the Keynesian consumption function and multiplier effect
Murota, Ryu-ichiro; Ono, Yoshiyasu - 2010
We propose a microeconomic foundation of the multiplier effect and that of the consumption function using a dynamic optimization model that explains a shortage of aggregate demand and unemployment. We show that government purchases boost aggregate demand through a multiplier-like process but...
Persistent link: https://www.econbiz.de/10010332220
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Fiscal policy under long-run stagnation : a new interpretation of the multiplier effect
Murota, Ryu-ichiro; Ono, Yoshiyasu - 2015
We develop a Keynesian cross analysis with a dynamic optimization setting that explains long-run stagnation caused by aggregate demand deficiency. We show that an increase in government purchases boosts GDP through a multiplier process, but the implication is quite different from the...
Persistent link: https://www.econbiz.de/10010519974
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Perfect Competition and the Keynesian Cross:Revisiting Tobin
Sen, Partha - Centre for Development Economics, Delhi School of Economics - 2005
I look at an exogenous decrease in the desire to save in a two-sector-two-period overlapping generations model, where the consumption good is capital-intensive and the elasticities of substitution in production are "small". It is shown that there is a Keynesian-type multiplier at work, even...
Persistent link: https://www.econbiz.de/10005113701
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Solving the paradox of monetary profits
Keen, Steve - 2010
Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...
Persistent link: https://www.econbiz.de/10010299739
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Solving the paradox of monetary profits
Keen, Steve - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-31, pp. 1-32
Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...
Persistent link: https://www.econbiz.de/10010302702
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Modeling growth, distribution, and the environment in a stock-flow consistent framework
Naqvi, Asjad - 2015
Economic policy in the EU faces a trilemma of solving three challenges simultaneously - growth, distribution, and the environment. In order to assess policies that address these issues simultaneously, economic models need to account for both sector-sector and sector-environment feedbacks within...
Persistent link: https://www.econbiz.de/10011410859
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Profit-driven and deman-driven investment growth and fluctuations in different accumulation regimes
Dosi, Giovanni; Sodini, Mauro; Virgillito, Maria Enrica - 2013
The main task of this work is to develope a model able to encompass, at the same time, Keynesian, demand-driven, and Marxian, profit-driven determinants of fluctuations. Our starting point is the Goodwin's model (1967), rephrased in discrete time and extended by means of a coupled dynamics...
Persistent link: https://www.econbiz.de/10010328427
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The new keynesian approach to dynamic general equilibrium modeling: Models, methods, and macroeconomic policy evaluation
Schmidt, Sebastian; Wieland, Volker - 2012
. Building blocks of current-generation dynamic stochastic general equilibrium (DSGE) models are discussed in detail. These …
Persistent link: https://www.econbiz.de/10010368576