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An Evaluation of neo-Kaleckian supermultiplier and neo-Goodwinian models

Pseudo-Goodwin cycles, external markets and pro-cyclical labour productivity: An Evaluation of neo-Kaleckian supermultiplier and neo-Goodwinian models

This paper provides a theoretical and empirical evaluation of neo-Kaleckian supermultiplier and neo-Goodwinian models. The benchmark structuralist and Harrodian neo-Goodwinian models posit a macro economy with only one asset: the capital stock. Demand leakages presuppose that at least one sector is able to realise an excess of revenues over expenditures as a positive accumulation of net financial assets vis-à-vis other sectors. Models with a single real asset - and which assume each sector always has nil net lending/borrowing - provide pseudo explanations of real world economic activity. We show that neo-Kaleckian supermultiplier models with overhead labour can account for the induced nature of capacity investment, a pro-cyclical profit share and stylised net lending/borrowing patterns.

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Fiebiger, Brett: An Evaluation of neo-Kaleckian supermultiplier and neo-Goodwinian models
FMM Working Paper, 27 Seiten

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