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Interest rate debt distribution and capital accumulation in a post-Kaleckian model

[Arbeitspapier]

Hein, Eckhard

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Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-219308

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Körperschaftlicher Herausgeber Wirtschafts- und Sozialwissenschaftliches Institut in der Hans-Böckler-Stiftung
Abstract "The introduction of monetary variables into post-Keynesian models of distribution and growth is an ongoing process. Lavoie (1995) has proposed a Kaleckian ‘Minsky-Steindl-model’ of distribution and growth, incorporating the effects debt and debt services have on short and long run capital accumulation. This attempt, however, can be extended because neither has the rate of capacity utilisation been endogenously determined, nor have the potential effects of interest rate variations on distribution between wages and gross profits explicitly been incorporated in the model. In the present paper we therefore augment Lavoie’s ‘Minsky-Steindl-model’, building our analysis on a Kaleckian distribution and growth model which has already taken into account distribution effects of interest rate variations on the short run equilibrium. Into this model the effects of debt and debt services are explicitly introduced, the effects of interest rate variations on the short and the long run equilibrium are derived, and the results are compared to those of Lavoie’s ‘Minsky-Steindl-model’. It is shown, that the effects of interest variations on the endogenously determined equilibrium values of the model do not only depend on the parameter values in the savings and investment functions but also on initial conditions with respect to the interest rate and the debt-capital-ratio." [author's abstract]
Thesaurusschlagwörter interest rate; investment; distribution theory; growth; theory
Klassifikation Volkswirtschaftslehre; Allgemeines, spezielle Theorien und "Schulen", Methoden, Entwicklung und Geschichte der Wirtschaftswissenschaften
Methode Dokumentation
Freie Schlagwörter Minsky-Steindl-Modell
Sprache Dokument Englisch
Publikationsjahr 2004
Erscheinungsort Düsseldorf
Seitenangabe 38 S.
Schriftenreihe WSI-Diskussionspapier, 133
Lizenz Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung
Datenlieferant Dieser Metadatensatz wurde vom Sondersammelgebiet Sozialwissenschaften (USB Köln) erstellt.
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