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Tackling the instability of growth: a Kaleckian-Harrodian model with an autonomous expenditure component

Citations

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Cited by:

  1. Hiroki Murakami, 2019. "A note on the “unique” business cycle in the Keynesian theory," Metroeconomica, Wiley Blackwell, vol. 70(3), pages 384-404, July.
  2. Marwil J. Dávila-Fernández & José L. Oreiro & Mario W. D. Dávila, 2018. "Endogenizing Non-Price Competitiveness In A Model With Capital Accumulation And Bopc On Growth," Anais do XLIV Encontro Nacional de Economia [Proceedings of the 44th Brazilian Economics Meeting] 83, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  3. Dejuán, Óscar & McCombie, John S.L., 2018. "The Supermultiplier-Cum-Finance. Economic Limits of a Credit Driven System," Centro Sraffa Working Papers CSWP32, Centro di Ricerche e Documentazione "Piero Sraffa".
  4. Emboava Vaz, João, 2024. "Impacts of US interest rates on growth, income distribution, and macroeconomic policy space in developing countries: A SFC supermultiplier model," IPE Working Papers 228/2024, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  5. Jungmann, Benjamin, 2021. "Growth drivers in emerging capitalist economies before and after the Global Financial Crisis," IPE Working Papers 172/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  6. Javier Lopez Bernardo, 2016. "A post-Keynesian theory for the yield on equity markets," Working Papers PKWP1613, Post Keynesian Economics Society (PKES).
  7. 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.
  8. 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.
  9. 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.
  10. Peter Skott, 2019. "Autonomous demand, Harrodian instability and the supply side," Metroeconomica, Wiley Blackwell, vol. 70(2), pages 233-246, May.
  11. Roberto Veneziani & Luca Zamparelli & Amitava Krishna Dutt, 2017. "Heterodox Theories Of Economic Growth And Income Distribution: A Partial Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1240-1271, December.
  12. Benjamin Jungmann, 2023. "Growth drivers in emerging capitalist economies: building blocks for a post-Keynesian analysis and an empirical exploration of the years before and after the Global Financial Crisis," Review of Evolutionary Political Economy, Springer, vol. 4(2), pages 349-386, July.
  13. Sergio Cesaratto, 2016. "La financiación inicial y final en el circuito monetario y la teoría de la demanda efectiva," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 18(35), pages 47-78, July-Dece.
  14. Morlin, Guilherme Spinato, 2022. "Growth led by government expenditure and exports: Public and external debt stability in a supermultiplier model," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 586-598.
  15. 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.
  16. Reiner Franke, 2022. "A methodological problem in a supermultiplier model with too much acceleration," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 93-108, February.
  17. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
  18. 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.
  19. Daniele Tavani & Luca Zamparelli, 2020. "Labor-augmenting technical change and the labor share: New microeconomic foundations," Working Papers PKWP2004, Post Keynesian Economics Society (PKES).
  20. Botte, Florian & Dallery, Thomas, 2019. "Analyse systématique du modèle de Bhaduri et Marglin à prix flexibles : « Ça dépend de la valeur des paramètres » [Systematic analysis of the Bhaduri-Marglin Model with flexible prices: « It depend," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
  21. Michalis Nikiforos, 2023. "Notes on the accumulation and utilization of capital: Some theoretical issues," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 223-247, February.
  22. 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.
  23. Ettore Gallo & Maria Cristina Barbieri Goes, 2023. "Teaching heterodox macroeconomics: Some reflections from Macroeconomics after Kalecki and Keynes by Eckhard Hein," PSL Quarterly Review, Economia civile, vol. 76(305), pages 203-207.
  24. 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).
  25. Petach, Luke & Tavani, Daniele, 2022. "Aggregate demand externalities, income distribution, and wealth inequality," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 433-446.
  26. Antoine Monserand, 2019. "Degrowth in a neo-Kaleckian model of growth and distribution? A theoretical compatibility and stability analysis," Working Papers hal-02012632, HAL.
  27. Stefano Di Bucchianico, 2019. "A critical analysis of the secular stagnation theory," Departmental Working Papers of Economics - University 'Roma Tre' 0245, Department of Economics - University Roma Tre.
  28. 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.
  29. Murakami, Hiroki, 2020. "Monetary policy in the unique growth cycle of post Keynesian systems," Structural Change and Economic Dynamics, Elsevier, vol. 52(C), pages 39-49.
  30. Eckhard Hein, 2018. "Autonomous government expenditure growth, deficits, debt, and distribution in a neo-Kaleckian growth model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 41(2), pages 316-338, April.
  31. Murakami, Hiroki, 2018. "Existence and uniqueness of growth cycles in post Keynesian systems," Economic Modelling, Elsevier, vol. 75(C), pages 293-304.
  32. Olivier Allain, 2021. "A supermultiplier model of the natural rate of growth," Metroeconomica, Wiley Blackwell, vol. 72(3), pages 612-634, July.
  33. 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.
  34. 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.
  35. Hansen, Mads R., 2024. "Demand regimes and the business-cycle: Feedback effects between capacity utilization and income distribution taking into account overhead labor - SVAR-estimates for Germany (2007 - 2021)," IPE Working Papers 227/2024, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  36. Jose Perez-Montiel & Carles Manera Erbina, 2019. "Investment Sustained by Consumption: A Linear and Nonlinear Time Series Analysis," Sustainability, MDPI, vol. 11(16), pages 1-15, August.
  37. Hein, Eckhard & Prante, Franz & Bramucci, Alessandro, 2022. "Financialisation and the potentials for a progressive equality-, sustainability- and domestic demand-led regime: A post-Keynesian simulation approach," IPE Working Papers 192/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  38. 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.
  39. Matteo Deleidi & Mariana Mazzucato, 2019. "Mission-Oriented Innovation Policies: A Theoretical And Empirical Assessment For The Us Economy," Departmental Working Papers of Economics - University 'Roma Tre' 0248, Department of Economics - University Roma Tre.
  40. Christian Schoder, 2017. "Estimating Keynesian models of business fluctuations using Bayesian Maximum Likelihood," Review of Keynesian Economics, Edward Elgar Publishing, vol. 5(4), pages 586–630-5, October.
  41. Stephen Thompson, 2018. "Employment and fiscal policy in a Marxian model," Metroeconomica, Wiley Blackwell, vol. 69(4), pages 820-846, November.
  42. Peter Skott, 2018. "Challenges for post-Keynesian macroeconomics," UMASS Amherst Economics Working Papers 2018-03, University of Massachusetts Amherst, Department of Economics.
  43. 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.
  44. Nomaler, Önder & Spinola, Danilo & Verspagen, Bart, 2020. "Schumpeter and Keynes: Economic growth in a super-multiplier model," MERIT Working Papers 2020-049, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  45. 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.
  46. Lídia Brochier & Antonio Carlos, 2019. "A supermultiplier Stock-Flow Consistent model: the “return” of the paradoxes of thrift and costs in the long run?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(2), pages 413-442.
  47. 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.
  48. Piero Ferri & Fabio Tramontana, 2022. "Autonomous demand, multiple equilibria and unemployment dynamics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(1), pages 209-223, January.
  49. 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).
  50. Pariboni, Riccardo & Girardi, Daniele, 2018. "A(nother) Note on the Inconsistency of Neo-Kaleckian Growth Models," Centro Sraffa Working Papers CSWP31, Centro di Ricerche e Documentazione "Piero Sraffa".
  51. 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.
  52. Yang, Jinrui, 2020. "Are large national debt and ultra-low inflation harmful? —— S-shape Phillips curve: the inflation-unemployment relationship of a low profit rate model," MPRA Paper 104970, University Library of Munich, Germany.
  53. 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.
  54. Ettore Gallo & Mark Setterfield, 2022. "Historical Time and the Current State of Post-Keynesian Growth Theory," Working Papers 2204, New School for Social Research, Department of Economics.
  55. Engelbert Stockhammer & Andre Novas Otero, 2023. "A tale of housing cycles and fiscal policy, not competitiveness. Growth drivers in Southern Europe," New Political Economy, Taylor & Francis Journals, vol. 28(3), pages 483-505, May.
  56. 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).
  57. Takashi Ohno, 2022. "Capital-labor conflict in the Harrodian model," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 301-317, April.
  58. Won Jun Nah & Marc Lavoie, 2017. "Long-run convergence in a neo-Kaleckian open-economy model with autonomous export growth," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 40(2), pages 223-238, April.
  59. Nah, Won Jun & Lavoie, Marc, 2019. "The role of autonomous demand growth in a neo-Kaleckian conflicting-claims framework’," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 427-444.
  60. 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.
  61. Guilherme Haluska & Julia Braga & Ricardo Summa, 2021. "Growth, investment share and the stability of the Sraffian Supermultiplier model in the U.S. economy (1985–2017)," Metroeconomica, Wiley Blackwell, vol. 72(2), pages 345-364, May.
  62. Nomaler, Önder & Spinola, Danilo & Verspagen, Bart, 2021. "Demand-led industrialisation policy in a dual-sector small balance of payments constrained economy," MERIT Working Papers 2021-038, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  63. Mark Setterfield, 2021. "Harrodians and Kaleckians: a suggested reconciliation and synthesis," Working Papers 2111, New School for Social Research, Department of Economics, revised Jan 2022.
  64. Joana David Avritzer & Lídia Brochier, 2022. "Household credit-financed consumption and the debt service ratio: tackling endogenous autonomous demand in the Supermultiplier model," Working Papers PKWP2219, Post Keynesian Economics Society (PKES).
  65. Murakami, Hiroki, 2022. "The unique limit cycle in post Keynesian theory," Chaos, Solitons & Fractals, Elsevier, vol. 154(C).
  66. Engelbert Stockhammer & Karsten Kohler, 2023. "Learning from distant cousins? Post-Keynesian Economics, Comparative Political Economy, and the Growth Models approach," Chapters, in: Thomas Palley & Esteban Pérez Caldentey & Matías Vernengo (ed.), Varieties of Capitalism, chapter 3, pages 56-75, Edward Elgar Publishing.
  67. Antoine Monserand, 2019. "Degrowth in a neo-Kaleckian model of growth and distribution? A theoretical compatibility and stability analysis," CEPN Working Papers 2019-01, Centre d'Economie de l'Université de Paris Nord.
  68. Thomas Palley, 2018. "The economics of the super-multiplier," FMM Working Paper 33-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  69. Önder Nomaler & Danilo Spinola & Bart Verspagen, 2024. "Demand‐led industrialisation policy in a dual‐sector small open economy," Metroeconomica, Wiley Blackwell, vol. 75(3), pages 339-376, July.
  70. 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.
  71. Won Jun Nah & Lavoie, Marc, 2018. "Overhead labour costs in a neo-Kaleckian growth model with autonomous expenditures," IPE Working Papers 111/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  72. Arkadiusz J. Derkacz, 2020. "Autonomous Expenditure Multipliers and Gross Value Added," JRFM, MDPI, vol. 13(9), pages 1-18, September.
  73. Attilio Trezzini, 2021. "Harrodian Instability: An Unhelpful Analytical Concept," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(2), pages 320-336, June.
  74. Skott, Peter, 2023. "Endogenous business cycles and economic policy," Journal of Economic Behavior & Organization, Elsevier, vol. 210(C), pages 61-82.
  75. Mark Setterfield, 2024. "The Kalecki-Robinson Tradition in Post-Keynesian Growth Theory," Working Papers 2402, New School for Social Research, Department of Economics.
  76. Sergio Cesaratto, 2016. "The modern revival of the Classical surplus approach: implications for the analysis of growth and crises," Department of Economics University of Siena 735, Department of Economics, University of Siena.
  77. Sergio Cesaratto, 2017. "Initial and Final Finance in the Monetary Circuit and the Theory of Effective Demand," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 228-258, May.
  78. Leandro Gomes & Fabio Freitas, 2018. "A Dinâmica Inflacionária No Brasil De 2000 A 2009: Uma Abordagem Multisetorial," Anais do XLIV Encontro Nacional de Economia [Proceedings of the 44th Brazilian Economics Meeting] 28, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  79. Mauro Caminati & Serena Sordi, 2019. "Demand‐led growth with endogenous innovation," Metroeconomica, Wiley Blackwell, vol. 70(3), pages 405-422, July.
  80. Emanuele Russo, 2021. "Harrodian instability in decentralized economies: an agent-based approach," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 38(2), pages 539-567, July.
  81. 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.
  82. 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.
  83. Antoine Monserand, 2019. "Degrowth in a neo-Kaleckian model of growth and distribution? A theoretical compatibility and stability analysis," CEPN Working Papers hal-02012632, HAL.
  84. 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.
  85. Brochier, Lidia & Freitas, Fábio, 2019. "Stock-flow ratios and the paradox of debt in canonical neo-kaleckian and supermultiplier models," MPRA Paper 96252, University Library of Munich, Germany.
  86. Michalis Nikiforos, 2020. "Notes on the Accumulation and Utilization of Capital: Some Theoretical Issues," Economics Working Paper Archive wp_952, Levy Economics Institute.
  87. 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.
  88. 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).
  89. Eric Kemp-Benedict, 2017. "A multi-sector Kaleckian-Harrodian model for long-run analysis," Working Papers PKWP1702, Post Keynesian Economics Society (PKES).
  90. Tavani, Daniele & Zamparelli, Luca, 2021. "Labor-augmenting technical change and the wage share: New microeconomic foundations," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 27-34.
  91. Peter Skott, 2017. "Autonomous Demand and the Harrodian Criticisms of the Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 68(1), pages 185-193, February.
  92. Lídia Brochier, 2020. "Conflicting‐claims and labour market concerns in a supermultiplier SFC model," Metroeconomica, Wiley Blackwell, vol. 71(3), pages 566-603, July.
  93. Sergio Cesaratto & Stefano di Bucchianico, 2020. "Endogenous money and the theory of long-period effective demand," Bulletin of Political Economy, Bulletin of Political Economy, vol. 14(1), pages 1-38, June.
  94. Jung Hoon Kim & Marc Lavoie, 2017. "Demand-led Growth and Long-run Convergence in a Neo-Kaleckian Two-sector Model," Korean Economic Review, Korean Economic Association, vol. 33, pages 179-206.
  95. 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.
  96. Michalis Nikiforos, 2018. "Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution," Economics Working Paper Archive wp_907, Levy Economics Institute.
  97. 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).
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