Growth, investment share and the stability of the Sraffian Supermultiplier model in the U.S. economy (1985–2017)
Author
Abstract
Suggested Citation
DOI: 10.1111/meca.12323
Download full text from publisher
References listed on IDEAS
- Fabio Freitas & Franklin Serrano, 2015. "Growth Rate and Level Effects, the Stability of the Adjustment of Capacity to Demand and the Sraffian Supermultiplier," Review of Political Economy, Taylor & Francis Journals, vol. 27(3), pages 258-281, July.
- Franklin Serrano & Fabio Freitas, 2017. "The Sraffian supermultiplier as an alternative closure for heterodox growth theory," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(1), pages 70-91, April.
- Peter Skott, 2019.
"Autonomous demand, Harrodian instability and the supply side,"
Metroeconomica, Wiley Blackwell, vol. 70(2), pages 233-246, May.
- Peter Skott, 2016. "Autonomous demand, Harrodian instability and the supply side," UMASS Amherst Economics Working Papers 2016-16, University of Massachusetts Amherst, Department of Economics.
- Mark Setterfield & Joana David Avritzer, 2020.
"Hysteresis in the normal rate of capacity utilization: A behavioral explanation,"
Metroeconomica, Wiley Blackwell, vol. 71(4), pages 898-919, November.
- Mark Setterfield & Joana David Avritzer, 2019. "Hysteresis in the normal rate of capacity utilization: a behavioural explanation," Working Papers 1907, New School for Social Research, Department of Economics.
- Daniele Girardi & Riccardo Pariboni, 2019.
"Normal utilization as the adjusting variable in Neo‐Kaleckian growth models: A critique,"
Metroeconomica, Wiley Blackwell, vol. 70(2), pages 341-358, May.
- Daniele Girardi & Riccardo Pariboni, 2018. "Normal utilization as the adjusting variable in Neo-Kaleckian growth models : a critique," UMASS Amherst Economics Working Papers 2018-11, University of Massachusetts Amherst, Department of Economics.
- Brett Fiebiger & Marc Lavoie, 2019. "Trend and business cycles with external markets: Non‐capacity generating semi‐autonomous expenditures and effective demand," Metroeconomica, Wiley Blackwell, vol. 70(2), pages 247-262, May.
- Olivier Allain, 2015.
"Tackling the instability of growth: a Kaleckian-Harrodian model with an autonomous expenditure component,"
Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(5), pages 1351-1371.
- Olivier Allain, 2015. "Tackling the instability of growth: a Kaleckian-Harrodian model with an autonomous expenditure component," Post-Print hal-01298599, HAL.
- Olivier Allain, 2015. "Tackling the instability of growth: a Kaleckian-Harrodian model with an autonomous expenditure component," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01298599, HAL.
- Steven M Fazzari & Piero Ferri & Anna Maria Variato, 2020.
"Demand-led growth and accommodating supply,"
Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 44(3), pages 583-605.
- Steven Fazzari & Piero Ferri & AnnaMaria Variato, 2018. "Demand-led growth and accommodating supply," FMM Working Paper 15-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Sergio Cesaratto & Gary Mongiovi, 2015. "Pierangelo Garegnani, the Classical Surplus Approach and Demand-led Growth: Introduction to the Symposium," Review of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 103-110, April.
- Sergio Cesaratto & Franklin Serrano & Antonella Stirati, 2003. "Technical Change, Effective Demand and Employment," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 33-52.
- Marc Lavoie, 2017. "Prototypes, Reality and the Growth Rate of Autonomous Consumption Expenditures: A Rejoinder," Metroeconomica, Wiley Blackwell, vol. 68(1), pages 194-199, February.
- Heinz D. Kurz & Neri Salvadori, 2019. "Autonomous demand, capital utilization and economic growth," Metroeconomica, Wiley Blackwell, vol. 70(2), pages 232-232, May.
- Amitava Krishna Dutt, 2019. "Some observations on models of growth and distribution with autonomous demand growth," Metroeconomica, Wiley Blackwell, vol. 70(2), pages 288-301, May.
- Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Cambridge Political Economy Society, vol. 14(0), pages 67-90.
- Franklin Serrano & Fabio Freitas & Gustavo Bhering, 2019. "The Trouble with Harrod: The fundamental instability of the warranted rate in the light of the Sraffian Supermultiplier," Metroeconomica, Wiley Blackwell, vol. 70(2), pages 263-287, May.
- Marc Lavoie, 2016.
"Convergence Towards the Normal Rate of Capacity Utilization in Neo-Kaleckian Models: The Role of Non-Capacity Creating Autonomous Expenditures,"
Metroeconomica, Wiley Blackwell, vol. 67(1), pages 172-201, February.
- Marc Lavoie, 2016. "Convergence towards the normal rate of capacity utilization in neo-Kaleckian models: the role of non-capacity creating autonomous expenditures," Post-Print hal-01343732, HAL.
- Junsoo Lee & Mark C. Strazicich, 2013.
"Minimum LM unit root test with one structural break,"
Economics Bulletin, AccessEcon, vol. 33(4), pages 2483-2492.
- Junsoo Lee & Mark C. Strazicich, 2004. "Minimum LM Unit Root Test with One Structural Break," Working Papers 04-17, Department of Economics, Appalachian State University.
- Tom Doan, "undated". "LSUNIT: RATS procedure to implement Lee-Strazicich unit root tests with one or more structural breaks," Statistical Software Components RTS00112, Boston College Department of Economics.
- Marc Lavoie, 2017. "Prototypes, reality and the growth of autonomous expenditures: a rejoinder," Post-Print hal-01435724, HAL.
- Biao Huang, 2020. "Normal utilization rate in the Sraffa framework," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 767-780, November.
- Marc Lavoie, 2014. "Post-Keynesian Economics: New Foundations," Post-Print hal-01343652, HAL.
- Ricardo Summa & Fabio Freitas, 2020. "Introduction to the symposium," Review of Keynesian Economics, Edward Elgar Publishing, vol. 8(3), pages 311-312, July.
- Tony Aspromourgos, 2007. "Interest As An Artefact Of Self‐Validating Central Bank Beliefs," Metroeconomica, Wiley Blackwell, vol. 58(4), pages 514-535, November.
- Pierangelo Garegnani, 2015. "The Problem of Effective Demand in Italian Economic Development: On the Factors that Determine the Volume of Investment," Review of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 111-133, April.
- Julia de Medeiros Braga, 2020. "Investment rate, growth, and the accelerator effect in the supermultiplier model: the case of Brazil," Review of Keynesian Economics, Edward Elgar Publishing, vol. 8(3), pages 454-466, July.
- José A. Pérez-Montiel & Carles Manera Erbina, 2020. "Autonomous expenditures and induced investment: a panel test of the Sraffian supermultiplier model in European countries," Review of Keynesian Economics, Edward Elgar Publishing, vol. 8(2), pages 220-239, April.
- Daniele Girardi & Riccardo Pariboni, 2020.
"Autonomous demand and the investment share,"
Review of Keynesian Economics, Edward Elgar Publishing, vol. 8(3), pages 428-453, July.
- Daniele Girardi & Riccardo Pariboni, 2018. "Autonomous Demand and the Investment Share," UMASS Amherst Economics Working Papers 2018-18, University of Massachusetts Amherst, Department of Economics.
- Serrano, Franklin & Braga, Julia, 2006. "O mito da contração fiscal expansionista nos EUA durante o governo Clinton," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 27, pages 1-27, August.
- Daniele Girardi & Riccardo Pariboni, 2020. "Autonomous demand and the investment share: Online appendices," Review of Keynesian Economics, Edward Elgar Publishing, vol. 8(3), pages 1-14, July.
- Peter Skott, 2017. "Autonomous Demand and the Harrodian Criticisms of the Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 68(1), pages 185-193, February.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Di Bucchianico, Stefano, 2021. "Inequality, household debt, ageing and bubbles: A model of demand-side Secular Stagnation," IPE Working Papers 160/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
- Jose A. Pérez-Montiel & Andreu Sansó & Oguzhan Ozcelebi & Riccardo Pariboni, 2023. "Autonomous and induced demand in the United States: a long-run perspective," Journal of Evolutionary Economics, Springer, vol. 33(4), pages 1237-1257, September.
- Michalis Nikiforos & Marcio Santetti & Rudiger von Arnim, 2021. "The Sraffian Supermultiplier and Cycles: Theory and Empirics," Economics Working Paper Archive wp_993, Levy Economics Institute.
- Ryan Woodgate & Eckhard Hein & Ricardo Summa, 2024.
"Components of Autonomous Demand Growth and Financial Feedbacks: Implications for Growth Drivers and Growth Regime Analysis,"
Review of Political Economy, Taylor & Francis Journals, vol. 36(5), pages 1876-1893, November.
- Ryan Woodgate & Eckhard Hein & Ricardo Summa, 2023. "Components of autonomous demand growth and financial feedbacks: Implications for growth drivers and growth regime analysis," Working Papers PKWP2307, Post Keynesian Economics Society (PKES).
- Ettore Gallo, 2022.
"When is the long run?—Historical time and adjustment periods in demand‐led growth models,"
Metroeconomica, Wiley Blackwell, vol. 73(4), pages 1155-1178, November.
- Ettore Gallo, 2022. "When is the Long Run? – Historical Time and Adjustment Periods in Demand-led Growth Models," Working Papers 2203, New School for Social Research, Department of Economics.
- Stephen Thompson, 2022. "“The total movement of this disorder is its order”: Investment and utilization dynamics in long‐run disequilibrium," Metroeconomica, Wiley Blackwell, vol. 73(2), pages 638-682, May.
- Nomaler, Önder & Spinola, Danilo & Verspagen, Bart, 2021.
"R&D-based economic growth in a supermultiplier model,"
Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 1-19.
- Nomaler, Önder & Spinola, Danilo & Verspagen, Bart, 2021. "R&D-based Economic Growth in a Supermultiplier Model," CAFE Working Papers 9, Centre for Accountancy, Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University.
- Barbieri Góes, Maria Cristina & Deleidi, Matteo, 2022. "Output determination and autonomous demand multipliers: An empirical investigation for the US economy," Economic Modelling, Elsevier, vol. 116(C).
- Pedrosa, Ítalo & Brochier, Lídia & Freitas, Fabio, 2023. "Debt hierarchy: Autonomous demand composition, growth and indebtedness in a Supermultiplier model," Economic Modelling, Elsevier, vol. 126(C).
- Marcio Santetti, Michalis Nikiforos, Rudiger von Arnim, 2022. "Growth, cycles, and residential investment," Working Paper Series, Department of Economics, University of Utah 2022_04, University of Utah, Department of Economics.
- Gonzalez, Alejandro, 2024. "Bargaining power, demand growth and the decline of the labor share," OSF Preprints 78kad, Center for Open Science.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Barbieri Góes, Maria Cristina & Deleidi, Matteo, 2022. "Output determination and autonomous demand multipliers: An empirical investigation for the US economy," Economic Modelling, Elsevier, vol. 116(C).
- José A. Pérez‐Montiel & Carles Manera, 2022. "Is autonomous demand really autonomous in the United States? An asymmetric frequency‐domain Granger causality approach," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 78-92, February.
- Eckhard Hein & Ryan Woodgate, 2021.
"Stability issues in Kaleckian models driven by autonomous demand growth—Harrodian instability and debt dynamics,"
Metroeconomica, Wiley Blackwell, vol. 72(2), pages 388-404, May.
- Eckhard Hein & Ryan Woodgate, 2020. "Stability issues in Kaleckian models driven by autonomous demand growth - Harrodian instability and debt dynamics," FMM Working Paper 55-2020, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Eckhard Hein & Ryan Woodgate, 2020. "Stability issues in Kaleckian models driven by autonomous demand growth – Harrodian instability and debt dynamics," Working Papers PKWP2014, Post Keynesian Economics Society (PKES).
- Stephen Thompson, 2022. "“The total movement of this disorder is its order”: Investment and utilization dynamics in long‐run disequilibrium," Metroeconomica, Wiley Blackwell, vol. 73(2), pages 638-682, May.
- Olivier Allain, 2021.
"A supermultiplier model of the natural rate of growth,"
Metroeconomica, Wiley Blackwell, vol. 72(3), pages 612-634, July.
- Olivier Allain, 2021. "A supermultiplier model of the natural rate of growth," Post-Print hal-03218410, HAL.
- Olivier Allain, 2021. "A supermultiplier model of the natural rate of growth," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03218410, HAL.
- Ettore Gallo & Maria Cristina Barbieri Góes, 2023.
"Investment, autonomous demand and long-run capacity utilization: an empirical test for the Euro Area,"
Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(1), pages 225-255, April.
- Gallo, Ettore, 2019. "Investment, autonomous demand and long run capacity utilization: An empirical test for the Euro Area," IPE Working Papers 116/2019, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
- Ettore Gallo, 2019. "Investment, Autonomous Demand and Long Run Capacity Utilization: An Empirical Test for the Euro Area," Working Papers 1904, New School for Social Research, Department of Economics.
- Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
- Allain, Olivier, 2022.
"A supermultiplier model with two non-capacity-generating semi-autonomous demand components,"
Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 91-103.
- Olivier Allain, 2022. "A supermultiplier model with two non-capacity-generating semi-autonomous demand components," Post-Print hal-03887945, HAL.
- Olivier Allain, 2022. "A supermultiplier model with two non-capacity-generating semi-autonomous demand components," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03887945, HAL.
- Peter Skott & Júlio Fernando Costa Santos & José Luís da Costa Oreiro, 2022. "Supermultipliers, ‘endogenous autonomous demand’ and functional finance," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 220-244, February.
- Di Bucchianico, Stefano, 2021. "Inequality, household debt, ageing and bubbles: A model of demand-side Secular Stagnation," IPE Working Papers 160/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
- Eckhard Hein & Valeria Jimenez, 2022.
"The macroeconomic implications of zero growth: a post-Keynesian approach,"
European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 19(1), pages 41-60, April.
- Hein, Eckhard & Jimenez, Valeria, 2021. "The macroeconomic implications of zero growth: A post-Keynesian approach," IPE Working Papers 169/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
- Ettore Gallo, 2022.
"When is the long run?—Historical time and adjustment periods in demand‐led growth models,"
Metroeconomica, Wiley Blackwell, vol. 73(4), pages 1155-1178, November.
- Ettore Gallo, 2022. "When is the Long Run? – Historical Time and Adjustment Periods in Demand-led Growth Models," Working Papers 2203, New School for Social Research, Department of Economics.
- Sergio Cesaratto, 2017. "Beyond the traditional monetary circuit: endogenous money, finance and the theory of long-period effective demand," Department of Economics University of Siena 757, Department of Economics, University of Siena.
- Lorenzo Di Domenico, 2021. "Multiplicity and not necessarily heterogeneity: implications for the long-run degree of capacity utilization," Working Papers PKWP2116, Post Keynesian Economics Society (PKES).
- Guilherme Spinato Morlin & Nikolas Passos & Riccardo Pariboni, 2024.
"Growth Theory and the Growth Model Perspective: Insights from the Supermultiplier,"
Review of Political Economy, Taylor & Francis Journals, vol. 36(3), pages 1130-1155, July.
- Guilherme Spinato Morlin & Nikolas Passos & Riccardo Pariboni, 2021. "Growth theory and the growth model perspective: Insights from the supermultiplier," Department of Economics University of Siena 869, Department of Economics, University of Siena.
- Eckhard Hein, 2019. "Harrodian instability in Kaleckian models and Steindlian solutions," FMM Working Paper 46-2019, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Matteo Deleidi & Claudia Fontanari & Santiago José Gahn, 2023.
"Autonomous demand and technical change: exploring the Kaldor–Verdoorn law on a global level,"
Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(1), pages 57-80, April.
- Matteo Deleidi & Claudia Fontanari & Santiago J. Gahn, 2022. "Autonomous Demand and Technical Change: Exploring the Kaldor-Verdoorn Law on a Global Level," Working Papers PKWP2212, Post Keynesian Economics Society (PKES).
- Santiago José Gahn & Alejandro González, 2022.
"On the empirical content of the convergence debate: Cross‐country evidence on growth and capacity utilisation,"
Metroeconomica, Wiley Blackwell, vol. 73(3), pages 825-855, July.
- Santiago J. Gahn & Alejandro González, 2019. "On the empirical content of the convergence debate: Cross country evidence on growth and capacity utilisation," Working Papers PKWP1922, Post Keynesian Economics Society (PKES).
- Steven M Fazzari & Piero Ferri & Anna Maria Variato, 2020.
"Demand-led growth and accommodating supply,"
Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 44(3), pages 583-605.
- Steven Fazzari & Piero Ferri & AnnaMaria Variato, 2018. "Demand-led growth and accommodating supply," FMM Working Paper 15-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Deleidi, Matteo & Mazzucato, Mariana, 2021. "Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy," Research Policy, Elsevier, vol. 50(2).
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:metroe:v:72:y:2021:i:2:p:345-364. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.