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Classical and Keynesian models of inequality and stagnation

Rada, Codrina; Tavani, Daniele; Von Arnim, Rudiger; … - 2022

This paper studies two formal models of long run growth with a medium-run distributive cycle, both of which feature causal links from the rise in inequality to a deterioration of long run macroeconomic performance. Both versions feature an endogenous income-capital ratio: one through the...

Persistent link: https://www.econbiz.de/10014327602

The impacts of credit standards on aggregate fluctuations in a small open economy : the role of monetary policy

Le, Hai - In: Economies : open access journal 9 (2021) 4, pp. 1-26

Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...

Persistent link: https://www.econbiz.de/10012800343

Debt-led growth and its financial fragility : an investigation into the dynamics of a supermultiplier model

Avritzer, Joana David - In: PSL quarterly review 75 (2022) 302, pp. 241-262

This paper discusses the financial sustainability of demand-led growth models. We assume a supermultiplier growth model in which household consumption is the autonomous component of demand that drives growth and discuss the financial sustainability of such dynamics of growth from the perspective...

Persistent link: https://www.econbiz.de/10014230824

Autonomous expenditure multipliers and gross value added

Derkacz, Arkadiusz J. - In: Journal of risk and financial management : JRFM 13 (2020) 9/213, pp. 1-18

The paper aims to answer two main questions. Is it possible to calculate and analyze fiscal, investment and export multipliers in the short term? The classic approach is mainly based on the input–output balances, which are most often published every 5 years. Is it possible to determine the...

Persistent link: https://www.econbiz.de/10012384407

Fiscal multipliers : a heterogenous-agent perspective

Broer, Tobias; Krusell, Per; Öberg, Erik - In: Quantitative economics : QE ; journal of the … 14 (2023) 3, pp. 799-816

We use an analytically tractable heterogeneous‐agent (HANK) version of the standard New Keynesian model to show how the size of fiscal multipliers depends on (i) the distribution of factor incomes, and (ii) the source of nominal rigidities. With sticky prices but flexible wages, the standard...

Persistent link: https://www.econbiz.de/10014342560

On the contribution of interest expense (income) on total output

Nizam, Ahmed Mehedi - In: Open economics 4 (2021) 1, pp. 31-56

-lived identical households. Then we try to uncover the impact of nominal interest income on the macroeconomy using multiplier theory … for a panel of some 04 (four) OECD countries. We deftne and calculate the corresponding multiplier values algebraically …

Persistent link: https://www.econbiz.de/10012589330

Manufactoring, economic growth, and real exchange rate : empirical evidence in panel data and input-output multipliers

Gabriel, Luciano Ferreira; Ribeiro, Luiz Carlos de Santana - In: PSL quarterly review 73 (2020) 292, pp. 51-75

This paper investigates the effects of manufacturing and of the real exchange rate (RER) on real per capita income growth. We use dynamic panel models and the calculation of output and employment multipliers for a diversified sample of countries from 1990 to 2011. Three important results can be...

Persistent link: https://www.econbiz.de/10012288231

Revisiting a macroeconomic controversy : the case of the multiplier-accelerator effect

Mourão, Paulo Reis; Popescu, Irina Alina - In: Economies : open access journal 10 (2022) 10, pp. 1-15

This paper presents the bibliometrics of a Keynesian and neoclassical discussion about the multiplier … consider the Hicks-Samuelson contribution, also known as the multiplier-accelerator model. We identified, among other things … advantage of the discussion around the multiplier-accelerator effect, especially the discussion on the business cycle …

Persistent link: https://www.econbiz.de/10013499031

The importance of hiring frictions in business cycles

Faccini, Renato; Yashiv, Eran - In: Quantitative economics : QE ; journal of the … 13 (2022) 3, pp. 1101-1143

Hiring is a costly activity reflecting firms' investment in their workers. Microdata show that hiring costs involve production disruption. Thus, cyclical fluctuations in the value of output, induced by price frictions, have consequences for the optimal allocation of hiring activities. We outline...

Persistent link: https://www.econbiz.de/10013382067

Whatever happened to the "Goodwin pattern"?

Setterfield, Mark - 2021

The "Goodwin pattern" - an anti-clockwise rotation in real activity x wage share space recurring at intervals that correspond roughly to the duration of business cycles - is an enduring feature of high-frequency dynamics in capitalist economies. It is well known that the centre or focus of this...

Persistent link: https://www.econbiz.de/10012660397