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http://hdl.handle.net/10419/64194
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| Title: | | An empirical evaluation of three post Keynesian models  |
| Authors: | | Skott, Peter |
| Issue Date: | | 2010 |
| Series/Report no.: | | Working Paper, University of Massachusetts, Department of Economics 2010-08 |
| Abstract: | | Structuralist and post Keynesian models differ in their assumptions about firms' investment behavior and pricing/output decisions. This paper compares three benchmark models: Kaleckian, Robinsonian and Kaldorian. We analyze the implications of these models for the steady growth path and the cyclical properties of the economy, and evaluate the consistency of the theoretical predictions with empirical evidence for the US. Our regression results and the stylized cyclical pattern of key variables are consistent with the Kaldorian model. The Kaleckian investment function and the Robinsonian pricing behavior find no support in the data. |
| Subjects: | | growth business cycles aggregate demand instability income distribution utilization rate investment function pricing |
| JEL: | | E12 E32 O41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Department of Economics, University of Massachusetts
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