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Growth cycles in mature and dual economies

Skott, Peter - 2022

relative-wage norms as a central element of wage formation. Norms change endogenously, leading to path dependence (hysteresis … long-run outcome to initial conditions - may be amplified by non-linearities in the adjustment of wages to deviations of … actual wages from the norm. …

Persistent link: https://www.econbiz.de/10013467128

Classical and Keynesian models of inequality and stagnation

Rada, Codrina; Tavani, Daniele; Von Arnim, Rudiger; … - 2022

This paper studies two formal models of long run growth with a medium-run distributive cycle, both of which feature causal links from the rise in inequality to a deterioration of long run macroeconomic performance. Both versions feature an endogenous income-capital ratio: one through the...

Persistent link: https://www.econbiz.de/10014327602

Structural Change and Business Cycles:An Evolutionary Approach

Lorentz, André; Savona, Maria - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2010

The aim of this paper is to account for both the short-run uctuations and thevery-long run transformations induced by technological change in analysing long-rungrowth patterns. The paper investigates the possible imprint left by short-run uctuationson the long run dynamics by aecting the...

Persistent link: https://www.econbiz.de/10009138616

Goodwin cycles and the BoPC growth paradigm : a macrodynamic model of growth and fluctuations

Dávila-Fernández, Marwil J.; Libânio, Gilberto de Assis - In: Economia : revista da ANPEC 17 (2016) 3, pp. 324-339

The paper builds a non-linear macrodynamic model to study the relation between the functional distribution of income, technological progress and economic growth. In the short-term, the interaction between the productivity regime, the demand regime and the distributive conflict generates cyclical...

Persistent link: https://www.econbiz.de/10011865759

How large are hysteresis effects? : estimates from a Keynesian growth model

Fazzari, Steven M.; González, Alejandro - 2023

estimate the model using simulated method of moments and find statistically significant and quantitatively important hysteresis …

Persistent link: https://www.econbiz.de/10014327475

Profit-driven and deman-driven investment growth and fluctuations in different accumulation regimes

Dosi, Giovanni; Sodini, Mauro; Virgillito, Maria Enrica - 2013

, which resembles a rudimentary first approximation to an accelerator, and of a hysteresis effect in wage formation in turn …

Persistent link: https://www.econbiz.de/10010202757

Switching-track after the great recession

Vinci, Francesca; Licandro, Omar - 2021

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Persistent link: https://www.econbiz.de/10012533939

Conflict as a closure : a Kaleckian model of growth and distribution under financialization

Raghavendra, Srinivas; Piiroinen, Petri T. - 2019

yields hysteresis in that it generates two different disequilibrium growth paths when shareholders and managers struggle to …

Persistent link: https://www.econbiz.de/10012039352

Hysteresis in the Normal Rate of Capacity Utilization : A Behavioural Explanation

Setterfield, Mark - 2019

Kaleckians describe a normal rate of capacity utilization that is subject to hysteresis effects. This means that the … distribution and growth unique to the Kaleckian model is thus preserved. The hysteresis mechanism has been criticized from various …-utilize capacity (even in the long run) in the first place. The result is an empirically-grounded behavioural foundation for hysteresis …

Persistent link: https://www.econbiz.de/10012868603

Autonomous demand and the investment share

Girardi, Daniele; Pariboni, Riccardo - 2018

of aggregate demand on capital accumulation can be a major source of hysteresis. Our results are inconsistent with the …

Persistent link: https://www.econbiz.de/10011947001

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