ABSTRACT

We formulate a macrodynamic model of interaction between a post-Keynesian investment function with endogenous capacity utilization and pro-cyclical mark-up over wage costs in a demand-constrained closed economy. The main objective of the study is to examine whether, in the absence of effective collective bargaining by the workers, monetary policy can resolve class conflict and maintain social stability. We consider a modified version of the counter-cyclical Taylor-type interest-rate rules that targets income distribution through the rate of capacity utilization. We explore the extent to which a combination of pro-cyclical mark-up dynamics and counter-cyclical interest-rate rules can stabilize potentially unstable investment dynamics. We also examine the effectiveness of monetary policy in the form of interest-rate rules in stabilizing output and income distribution.

摘要

我们在需求受限的封闭经济中，建立了凯恩斯主义后投资函数与内生能力利用以及工资成本前周期性加价之间相互作用的宏观动力学模型。该研究的主要目的是研究在没有工人进行有效集体谈判的情况下，货币政策是否能够解决阶级冲突并维持社会稳定。我们考虑了反周期泰勒式利率规则的修改版本，该规则针对通过产能利用率进行的收入分配。我们探讨了亲周期性加价动态和反周期性利率规则的组合可以稳定潜在的不稳定投资动态的程度。