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Convergence of actual, warranted, and natural growth rates in a Kaleckian–Harrodian‐classical model
Metroeconomica ( IF 1.0 ) Pub Date : 2020-07-17 , DOI: 10.1111/meca.12305
Eric Kemp‐Benedict 1
Affiliation  

This paper describes a dynamic one‐sector macroeconomic model that draws on both post‐Keynesian and classical/neo‐Marxian themes. The model features an equilibrium in which Harrod’s actual, warranted, and natural growth rates coincide. Dynamic processes unfolding over both short and long time scales lead the economy to exhibit both business cycles and long waves. The Keynesian stability condition is assumed not to hold, so the model features short‐run instability, which is bounded from above by a utilization ceiling. Labor constraints affect distribution through conflict pricing. In contrast to other Kaleckian–Harrodian models, we do not assume an exogenous source of demand. Instead, short‐run instability is bounded from below by firms’ expectations that the downturn will eventually reverse.

中文翻译:

Kaleckian-Harrodian-Classical模型中实际,保证的和自然增长率的收敛

本文描述了一个动态的一部门宏观经济模型,该模型借鉴了后凯恩斯主义主题和古典/新马克思主义主题。该模型的平衡点是Harrod的实际增长率,保证增长率和自然增长率一致。短期和长期尺度上不断发展的动态过程导致经济呈现出商业周期和长期波动。假设凯恩斯稳定性条件不成立,因此该模型具有短期不稳定性,该不稳定性由利用率上限从上方限制。劳动限制通过冲突定价影响分配。与其他Kaleckian-Harrodian模型相反,我们不假设需求的外源。取而代之的是,短期的不稳定性受到企业对经济衰退最终将逆转的预期的限制。
更新日期:2020-07-17
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