Keynes, Kalecki and Metzler in a dynamic distribution model.
This paper focuses on the dynamics analysis from the ultra-short to the short period from a Post-Keynesian perspective. It is argued that the construction of both the short-run and the long-run models are based on the critical assumption of an equilibrium between aggregate demand and aggregate suppl...
| Publicado en: | Cambridge Journal of Economics Vol. 44; no. 1; pp. 73 - 105 |
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| Formato: | Artículo |
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Oxford University Press / USA
Jan2020
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=141293658&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 141293658 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 0309166X CEC jtl: Cambridge Journal of Economics issn: 0309166X maglogo: N pubinfo: dt: Jan2020 vid: 44 iid: 1 pid: 622 pub: Oxford University Press / USA artinfo: ui: 141293658 10.1093/cje/bez007 ppf: 73 ppct: 32 formats: tig: atl: Keynes, Kalecki and Metzler in a dynamic distribution model. aug: au: Bibi, Samuele affil: Trento University and Leeds University su: Keynes, John Maynard, 1883-1946 Supply & demand Economic statistics Aggregate demand Dynamic models Demand function sug: subj: Supply & demand Economic statistics Aggregate demand Dynamic models Demand function Keynes, John Maynard, 1883-1946 keyword: Adjustment dynamics Disequilibrium Kalecki Post-Keynesian economics Adjustment dynamics Disequilibrium Kalecki Post-Keynesian economics ab: This paper focuses on the dynamics analysis from the ultra-short to the short period from a Post-Keynesian perspective. It is argued that the construction of both the short-run and the long-run models are based on the critical assumption of an equilibrium between aggregate demand and aggregate supply. Starting from the work by Metzler (1941. The nature and stability of inventory cycles, The Review of Economic Statistics , 113–29), the issue of equilibrium and stability is investigated inside a Keynesian–Kaleckian perspective. The suggested model analyses under which conditions the standard Kaleckian conclusions are still valid considering a disequilibrium situation. Two scenarios are simulated: one with fixed expectations as in Metzler (1941. The nature and stability of inventory cycles, The Review of Economic Statistics , 113–29) and another based on adaptive expectations and asymmetric behaviour of the wages–unemployment relation. The model questions the effective demand labour curve and suggests that an increase in real autonomous expenditures, mainly by the government, might be even more essential than what is generally considered in the Kaleckian literature, to avoid increasing unemployment a world with increasing wages. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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