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http://hdl.handle.net/10419/64235
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| Title: | | Financialization in Kaleckian economies with and without labor constraints  |
| Authors: | | Ryoo, Soon Skott, Peter |
| Issue Date: | | 2008 |
| Series/Report no.: | | Working Paper, University of Massachusetts, Department of Economics 2008-05 |
| Abstract: | | Most Kaleckian models assume a perfectly elastic labor supply, an assumption that is questionable for many developed economies. This paper presents simple labor-constrained Kaleckian models and uses these models to compare the implications of financialization under labor-constrained and dual-economy conditions. The paper complements the analysis in Skott and Ryoo (2008) which did not include labor-constrained Kaleckian economies. We show that for plausible parameter values the financial changes commonly associated with fiancialization tend to be expansionary in both dual-economy and labor-constrained settings. |
| Subjects: | | financialization stock-flow consistency labor constraints Kaleckian model |
| JEL: | | E12 E44 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Department of Economics, University of Massachusetts
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